Washington Prime Group Announces James Perse Home Showroom to Join Malibu Lumber Yard
November 08 2019 - 8:36AM
Washington Prime Group Inc. (NYSE: WPG) today announced that James
Perse Showroom will join Malibu Lumber Yard, located in Malibu,
California. To build on the leasing momentum, the Company also
recently renewed long-term leases with existing tenants James Perse
Boutique and Maxfield.
Lou Conforti, CEO and Director of Washington
Prime Group, stated: “While the quote ‘less is more’ is widely
attributed to Mies Van Der Rohe way back in 1947, James Perse
practices this mantra pretty much better than anybody out there
today. His lifestyle vision captures the nexus between refined
Malibu casual, Brooklyn hip and Chicago sensibility. At the risk of
sounding like I work for Architectural Digest or Vogue, James and
his eponymous company are the harbingers of refined simplicity.
“Regardless of whether somebody resides in
Southampton, Santé Fe, Carmel (Indiana) or Kansas City, James Perse
products adapt to the surroundings without stating to the world
‘take a look at the goofy logo of which I feel the need to plaster
all over myself’. They focus upon quality and eschew wretched
excess whether it be clothing, footwear, bags to carry stuff,
furniture and home goods.
“Needless to say, Washington Prime Group is
pretty darn pleased to have the flagship James Perse Home locate
within Malibu Lumber Yard, which is undergoing a renovation of
which James had a couple of suggestions and shame on us if we
didn’t take his advice.
“Almost forgot…I’d like James to insert a
tracking device and alarm especially in his hoodies as every single
one of them tends to disappear into my two daughters’ closets.”
Although the broad geographical appeal of James
Perse is undisputed, this brand seems so “right at home” at Malibu
Lumber Yard. A brand with a passion for minimalist architecture
influenced by warm west coast indoor/outdoor living and the casual
clothing that’s inspired by it, a first glimpse of this store
displays that passion at every turn. James Perse’s design
philosophy and aesthetic – low maintenance meets high fashion –
emphasizes elegance and comfort and pairs sophistication with
simplicity. From the ping pong table on the deck to the strikingly
simple yet visually arresting in-store displays, everything at
James Perse reflects an artful effortlessness that has everyone who
visits this Malibu Lumber Yard standout absolutely enthralled.
Learn more at www.jamesperse.com.
In the addition, Malibu Lumber Yard will undergo
a planned renovation of the outdoor environment, as well as
numerous interior enhancements. The outdoor environment of Malibu
Lumber Yard aims to capture the casual coastal lifestyle and
welcome visitors with a beautifully-designed open common area,
which will see aesthetic upgrades including new seating, communal
gathering areas and a different overall flow to the space. The new
look-and-feel will encourage guests to hang out and extend their
visit. Exterior enhancements will include new signage, updates to
the building facades and enhanced curb appeal.
The long term vision for Malibu Lumber Yard is
reflective of the community. Plans have been thoughtfully put
together with the Malibu community and existing tenants.
About Malibu Lumber YardMalibu
Lumber Yard is a stunning retail and dining destination, reflecting
Malibu’s effortless and unique lifestyle. Featuring warm,
contemporary designs and a relaxed environment, Malibu Lumber Yard
boasts highly sought and unique retailers like James Perse and
Maxfield, as well as unique dining experiences. Learn more at
www.themalibulumberyard.com.
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 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
& EVP, 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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