Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Washington Prime Group Announces Further Renovation at the Mall at Fairfield Commons with Addition of Round1 and The RoomPlace (9/18/18)

OLUMBUS, Ohio, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE: WPG) today announced the next phase of its renovation at The Mall at Fairfield Commons, a Tier One asset located in the Dayton- Ohio market, with the addition of The RoomPlace and Round1 Entertainment. Following the renovation, the Company will have repositioned two department store spaces at The Mall at Fairfield Commons.

Lou Conforti, CEO and Director of Washington Prime Group stated: “Just thinking about kicking off the next phase of redevelopment at The Mall at Fairfield Commons with a national home furnishings retailer and international family entertainment company makes me want to rest up in The RoomPlace Salerno Brown Power Recliner before heading out to Round1 for a few frames of Cosmic Bowling and then busting a move playing Dance Rush Stardom. These two tenants, totaling over 100,000 square feet, are just two examples of how we’re transforming our assets into town centers by diversifying tenancy and activating common area. Now back to practicing my dance moves … U Can’t Touch This.”

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 investment to reimagine the guest experience over the past several years. The first to market RoomPlace will replace the upper level of Sears and complement the hybrid town center format with dynamic retail, dining and entertainment options. Also first to market, Round1 Entertainment will replace the lower level of Sears at The Mall at Fairfield Commons. Both The RoomPlace and Round1 Entertainment are expected to open in late 2019.

While Sears continues to operate its location at The Mall at Fairfield Commons, Washington Prime Group proactively negotiated an early termination of the lease to gain control of the real estate and commence redevelopment efforts.

A group of restaurants including BJ’s Restaurant & Brewhouse, Chuy’s Tex-Mex and BRAVO! Cucina Italiano previously replaced a former Elder-Beerman store at The Mall at Fairfield Commons. Building on the leasing demand for dining options, Fusian, MELT and Flyboys Deli have also recently opened at the center. Two additional restaurants, Flyby BBQ and Black Rock Bar & Grill, are next in line to join the popular dining lineup, solidifying The Mall at Fairfield Commons as the area’s premier dining destination.

In addition, tenants at The Mall at Fairfield Commons that have recently completed remodels include Champs, Finish Line, Hollister and Torrid. Victoria’s Secret has expanded and remodeled its location and Bath & Body Works is remodeling its location and adding a White Barn Candle.

Round1 Entertainment is a bowling and entertainment concept offering karaoke, ping-pong, dining, arcade games and more. The RoomPlace is a family owned and community oriented furniture with a focus on providing customers exquisite furniture at affordable prices.

About the Mall at Fairfield Commons

Beavercreek, the largest city in Greene County, Ohio is the second largest suburb in the Dayton-Ohio market, less than ten miles from downtown Dayton. The Mall at Fairfield Commons has convenient access to Interstates 70 and 675, as well as to State Route 35, which provides direct expressway access to downtown Dayton, a new medical center and office park, and Dayton International Airport.

Major employers in Dayton include Wright- Patterson Air Force Base, Premier Health Partners, University of Dayton, Kettering Medical Network, and Lexis-Nexis. This city has the distinction of having more engineers per capita than almost any other city in the United States. Wright-Patterson Air Force Base, the largest single site employer in the state of Ohio which employs over 27,000 civilian and military workers, has a $5 billion impact on the trade area. Named the “Aerospace Hub” for the Air Force, it continues to expand its physical footprint and promote Dayton’s presence on a national level. Further positively impacting the economy, Dayton hospitals were ranked No. 3 nationally for quality by HealthGrades, while also contributing nearly 32,000 employees.

With some of the largest employers and educational institutions in the state, Dayton is positioned to make a successful transition into the future as a relevant and vibrant city. There are 40 institutions of higher learning located within 25 miles of Dayton – including the University of Dayton and Wright State University - providing a captive market of more than 110,000 students to the already robust market population.

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/2018/09/18/1572745/0/en/Washington-Prime-Group-Announces-Further-Renovation-at-the-Mall-at-Fairfield-Commons-with-Addition-of-Round1-and-The-RoomPlace.html