Washington Prime Group Inc. (NYSE: WPG) is enhancing the guest
experience at Bowie Town Center, a hybrid Tier One property, and
adjacent Bowie Town Center Strip, an Open Air property, located in
Bowie, Maryland (collectively as “Bowie Town Center”), through the
addition of new lifestyle tenancy including Party HQ, an
approximately 18,000 square foot family-friendly entertainment
concept. Bowie Town Center is anchored by a dynamic mix of retail,
dining and entertainment uses, as well as grocery, fitness,
wellness and beauty services.
Lou Conforti, CEO and Director of Washington
Prime Group stated: “Whenever we have the opportunity to work with
seasoned local entrepreneurs who understand, appreciate and, most
importantly, respect the specific desires of a demographic
constituency, the asset in question is always better served. Party
HQ checks the aforementioned boxes and then some as they prepare to
deliver their exciting entertainment concept to Bowie Town Center.
As their motto is ‘best party from the Beltway to the Bay’, I’m
looking forward to laser tag and bowling, albeit one handed as my
other will be reserved for crab cakes.” Conforti added: “Bowie Town
Center guests, both existing and potential, deserve a more robust
roster of goods, services, entertainment and dining. It is our
objective to address these requirements via tenant diversification
and common area activation which will reaffirm Bowie Town Center as
the town center for this vibrant community. We look forward to
further nurturing relationships with Bowie State University (shout
out to the Bulldogs football team with four wins and one loss); the
City of Bowie whose public officials have been proactive partners
as we continue to rejuvenate this asset; the abundance of cultural,
governmental and educational institutions within the immediate
area; and every single resident who calls Bowie, Maryland their
home.”
Washington Prime Group is executing its strategy
of adding more lifestyle tenancy as a key element to enhancing the
guest experience, driving guest traffic and extending duration of
visits to its town centers. Lifestyle tenancy includes dining,
entertainment, home furnishings, grocery, fitness, wellness and
beauty services. As of August 31, 2018, the Company has leased over
2.7 million square feet throughout its total portfolio, which
includes inline and anchor space, of which 64% of new leasing
activity was to lifestyle tenancy.
Party HQ, a new concept created by locally-owned
Sky High Sports & Entertainment, LLC, will offer the Bowie
community and surrounding areas in-demand entertainment options
including bowling, laser tag, arcade games, climbing walls, and
virtual reality experiences. In addition, Party HQ will offer
guests a full-service restaurant and lounge area, serving popular
food, beer, wine and specialty cocktails. Party HQ will replace the
food court at Bowie Town Center, adding new and differentiated uses
for its guests. Party HQ expects to open in summer 2019.
Rodney Chambers, Sky High Sports &
Entertainment Managing Partner stated: “Party HQ is sure to be the
best party from the Beltway to the Bay.”
A group of restaurants including Chipotle
Mexican Grill, First Watch, Five Guys Burgers and Fries, Jimmy
John’s, Longhorn Steakhouse, Noodles & Company, Olive Garden,
Panda Express, Panera Bread, Potbelly Sandwich Works, Red Robin
Gourmet Burgers and Brews, Sardi’s Chicken, Starbucks, Three
Brothers Italian Restaurant and Wing Stop are among the many food
and beverage options offered at Bowie Town Center. Along with Mezeh
Mediterranean Grill, which is currently under construction to open
soon, and BJ’s Restaurant and Brewhouse, located on an outparcel,
Party HQ further solidifies Bowie Town Center as the area’s food
and beverage destination.
Tenants at Bowie Town Center that have recently
opened new or remodeled locations include KicksUSA, an urban
footwear and apparel retailer; Vivi Trendsetter, a Maryland-based
fashion boutique; Overdue Recognition Art Gallery, offering an
impressive display of African American art; as well as numerous
local tenants offering wellness and beauty services. Other tenants
expected to open later this year include All In Adventures, the
ultimate escape room experience, and Sola Salon Studios, one of the
largest, fastest-growing salon studio businesses in the
country.
To further demonstrate its commitment to the
Bowie community, the Company plans to renovate the children’s play
area and green spaces at Bowie Town Center. New public restrooms
will also be added.
Bowie Town Center enjoys a large trade area that
covers the eastern half of Prince George’s County and the western
portion of Anne Arundel County. Trade catchment area reaches the
large suburban population between the Interstate 495 Beltway and
the western portion of the Annapolis market.
One of the leading employers in the area is
Andrews Air Force Base, which employs approximately 15,000 people.
Bowie Town Center neighbors Inovalon, a leading medical informatics
service provider with over 2,000 employees. The town center is also
conveniently located across the street from approximately 190,000
square feet of Class A office space at the intersection of Route
197 and Northview Drive. In addition, NASA’s Goddard Space Flight
Center is located nearby.
Bowie Town Center is less than a 20 minute drive
from the University of Maryland and its student population of over
38,000. In addition, the trade area is home to entertainment
destinations such as Six Flags theme park, just 2.5 miles away and
Prince George’s Stadium, home of the Bowie Baysox, the Double-A
affiliate of the Baltimore Orioles.
About Washington Prime
GroupWashington Prime Group Inc. is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with an investment grade balance sheet,
leveraging its expertise across the entire shopping center sector
to increase cash flow through rigorous management of assets and
provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
ContactsLisa A. Indest, CAO
& Senior VP, Finance, 614.887.5844 or
lisa.indest@washingtonprime.com Kimberly A. Green, VP, Investor
Relations & Corporate Communications, 614.887.5647 or
kim.green@washingtonprime.com
Forward-Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” and other
similar expressions. Such statements are based upon the
current beliefs and expectations of WPG’s management, and involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes
in asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase mall store occupancy and
same-mall operating income; risks associated with the acquisition,
(re)development, expansion, leasing and management of properties;
changes in market rental rates; trends in the retail industry;
relationships with anchor tenants; risks relating to joint venture
properties; costs of common area maintenance; competitive market
forces; the level and volatility of interest rates; the rate of
revenue increases as compared to expense increases; the financial
stability of tenants within the retail industry; the restrictions
in current financing arrangements or the failure to comply with
such arrangements; the liquidity of real estate investments; the
impact of changes to tax legislation and WPG’s tax positions;
failure to qualify as a real estate investment trust; the failure
to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or
the ability to pay dividends on common shares or other securities;
possible restrictions on the ability to operate or dispose of any
partially-owned properties; the failure to achieve earnings/funds
from operations targets or estimates; the failure to achieve
projected returns or yields on (re)development and investment
properties (including joint ventures); expected gains on debt
extinguishment; changes in generally accepted accounting principles
or interpretations thereof; terrorist activities and international
hostilities; the unfavorable resolution of legal proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including
those detailed from time to time in WPG’s statements and periodic
reports filed with the Securities and Exchange Commission,
including those described under “Risk Factors”. The
forward-looking statements in this communication are qualified by
these risk factors. Each statement speaks only as of the date of
this press release and WPG undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances. Actual results may differ materially from
current projections, expectations, and plans, if any.
Investors, potential investors and others should give careful
consideration to these risks and uncertainties.
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