Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

The RoomPlace to Join Dynamic Tenant Lineup at Three Assets in Washington Prime Group Portfolio (7/25/18)

•The Company continues to execute its hybrid town center mandate to offer dynamic uses

COLUMBUS, Ohio, July 25, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE:WPG) today announced transactions with The RoomPlace at three of its enclosed assets, further evidencing its anchor repositioning objective and its focus on diversifying tenancy.

The Company has finalized leases with The RoomPlace, a dynamic home furnishings retailer, at the following locations: Dayton Mall, located in Dayton, Ohio; Lincolnwood Town Center, located in Lincolnwood, Illinois; and The Mall at Fairfield Commons, located in Dayton, Ohio.

Lou Conforti, CEO and Director of Washington Prime Group stated: “If I haven’t mentioned tenant diversification at least one hundred times, I haven’t mentioned it once. One of the categories which we and, most importantly our guests, have identified as a driver of demand is home furnishings. When an outstanding furniture retailer with a venerable 100 year history takes vacated department store space, let’s just say if I were an emoji kind of person, there’d be a smiley face or two illustrating our happiness. I am more than pleased to announce our fourth RoomPlace store within three months. Along with The RoomPlace at Northwoods Mall, situated in Peoria, Illinois, which is performing above the Company’s expectations, the four locations will comprise over 250,000 total square feet within WPG’s portfolio.”

Conforti added: “On a final note, and one which I believe illustrates our innovative approach when it comes to tenant and landlord relationships, we continue to work closely with The RoomPlace to deliver differentiated events and activities designed to attract customers to their locations. Paul Adams, CEO of The RoomPlace, as well as his senior management team, have been extraordinarily collaborative and we appreciate the reciprocal benefit as we strive to ensure the success of their stores.”

Dayton Mall
At the Dayton Mall, The RoomPlace will occupy newly created inline space. Dayton Mall is the largest retail venue within the catchment capturing the cities of Dayton and Springfield. The asset exemplifies the hybrid town center approach with a dynamic mix of retail, dining and entertainment options combining enclosed and open air formats.

With over 1.4 million square feet, Dayton Mall enjoys a prime location at the intersection of State Routes 725 and 741, which is bordered by I-75 and I-675, making it a convenient destination from local and regional markets.

Lincolnwood Town Center
The RoomPlace will replace Carson Pirie Scott at Lincolnwood Town Center. Located in Chicago’s affluent North Shore at the borders of Chicago, Lincolnwood, Skokie, and Evanston, Lincolnwood Town Center sits within one of the most densely populated catchments within the Chicago MSA.

Lincolnwood Town Center is located just 2.5 miles from Lake Michigan and three miles from Northwestern University with nearly 20,000 students.

The Mall at Fairfield Commons
The RoomPlace marks another milestone in the robust tenanting efforts at The Mall at Fairfield Commons, where Washington Prime Group has undertaken a multimillion dollar reinvestment to reimagine the guest experience over the past several years. The first-to-market RoomPlace will complement the hybrid town center format which offers dynamic retail, dining and entertainment options.

The Mall at Fairfield Commons is fortunate to have many of the area’s top employers located within 15 miles, providing a tremendous population base from which to draw for lunchtime and after-work shopping. One of the largest employers is Wright Patterson Air Force Base. A leader in military research and development, the base is also home to the United States Air Force Museum, the world’s oldest and largest military aviation museum.

About The RoomPlace
For over a century, The RoomPlace has been helping metropolitan Chicago residents design the homes of their dreams. The RoomPlace date back to 1912, when Sam Berman founded Harlem Furniture, bringing furniture directly to customers’ doors within Chicago. Today, with over 25 locations across Illinois, Indiana and Ohio, The RoomPlace serves a much wider base of furniture shoppers with the same commitment to meet personalized tastes. The RoomPlace has always remained a family owned and community oriented business with a focus on providing customers exquisite furniture at affordable prices. Apart from offering great value and service, The RoomPlace has set itself apart by bringing a total room concept to furniture shopping e.g. providing fully coordinated room sets curated by a team of experienced designers.

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/2018/07/25/1542283/0/en/The-RoomPlace-to-Join-Dynamic-Tenant-Lineup-at-Three-Assets-in-Washington-Prime-Group-Portfolio.html