Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Washington Prime Group to Transform Department Store Space at Southern Park Mall (4/06/18)

COLUMBUS, Ohio, April 06, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE:WPG) today announced its most recent redevelopment effort, a multi-million dollar project anchored by the addition of diversified tenants at Southern Park Mall, a Tier One asset located in Youngstown, Ohio.

The Company is in discussions with new tenants, which will be announced in the future, for the high visibility anchor space currently occupied by Sears. The Company proactively negotiated an early termination of the lease to gain control of the real estate and commence redevelopment efforts.

Lou Conforti, CEO and Director: “The redevelopment opportunity at Southern Park Mall further illustrates our mandate to diversify tenancy and establish this asset as the dominant town center within the Youngstown Metropolitan Statistical Area (MSA). The ~550,000 residents which comprise this MSA deserve differentiated retail, dining, entertainment and services, and it is our objective to continue to provide them with the established tenancy they expect as well as new and exciting offerings – the unexpected.”

Additional details on the redevelopment project will be announced in the future.

Brian Gabbert, General Manager of Southern Park Mall: “We are excited for the opportunity to welcome new tenants to Southern Park Mall. Our redevelopment efforts demonstrate our commitment to the Boardman community and greater Youngstown area. We remain focused on providing our guests with an increasingly enjoyable environment to shop, dine and spend time together.”

About Southern Park Mall

Southern Park Mall is Mahoning County’s premier shopping destination. The town center is home to more than 120 national and local retail, dining and entertainment options, as well as numerous events and activities throughout the year. A dynamic offering of things to do along with things to buy keeps guests engaged and returning often. Learn more at www.southernparkmall.com.

About Washington Prime Group

Washington 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.

https://globenewswire.com/news-release/2018/04/06/1466317/0/en/Washington-Prime-Group-to-Transform-Department-Store-Space-at-Southern-Park-Mall.html