Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Grand Central Mall to Begin Demolition of Former Sears Space (2/20/19)

COLUMBUS, Ohio, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE: WPG) today announced that demolition of the former Sears location will begin in early March at Grand Central Mall, a Tier One property located in Parkersburg, West Virginia.

The Company’s redevelopment plans for the former Sears space will add an exciting exterior facing element to the mall featuring dynamic first to market national big box retailers. This new open air component will further the transformation of Grand Central Mall from a traditional enclosed mall into a hybrid town center. The Company will announce the new retailers in the near future.

Lou Conforti, CEO and Director of Washington Prime Group stated: “Our objective of transforming our assets into dominant town centers is no better illustrated than with the scheduled renovation of Grand Central Mall located in Parkersburg, West Virginia. Capturing an expansive catchment which includes the Parkersburg, Marietta and Vienna MSA, Washington Prime Group has solidified its premier positioning via an exciting array of tenancy including H&M (the first in West Virginia), Ulta Beauty, Big Lots, Five Below, Dunham’s Sports and Hibbett Sports as well as with renovated and/or newly constructed inline and outparcel space. Several new tenants replace space formerly occupied by Sears, Elder Beerman (Bon-Ton Stores) and hhgregg.”

Conforti added: “While delving into the history of Parkersburg, I discovered a little known fact regarding one of its first settlers, Harman Blennerhassett. Seems like Mr. Blennerhassett and Aaron Burr (who also happened to kill Alexander Hamilton during a pistol duel), conspired to have the then westernmost section of the United States secede and become a separate nation. Upon further research, it also came to my attention when the federal government caught wind of this rebellion, both men escaped by disguising themselves as women with an array of cosmetics from Ulta Beauty; separates from the Moschino x H&M Collection; and outran their pursuers by lacing up their Nike Air VaporMax purchased from Hibbett Sports. Word on the street is Lin-Manuel Miranda is seriously considering a Broadway musical to memorialize this little known historical tidbit.”

As previously announced, a 46,000 SF Big Lots will replace the former Toys R Us location at Grand Central Mall and will open later this year. In addition, the Company replaced a former Elder Beerman space with H&M which opened last fall. H&M chose Grand Central Mall as the location for its first store in West Virginia. Additionally, Ulta Beauty and Five Below recently replaced a former hhgregg location. Hibbett Sports, a national chain of athletic goods, joined Grand Central Mall in 2018, further diversifying the dynamic tenant lineup.

During the past 36 months, Grand Central Mall has seen more than 46,000 SF of new or remodeled tenants open at the town center. In addition, more than 18,000 SF of outparcel space has been opened during this period. Combined with Big Lots, new or remodeled leasing activity will total more than 110,000 square feet at Grand Central Mall in the past three years.

Along with H&M, Grand Central Mall is anchored by a dynamic mix of retail, entertainment and dining options, including a remodeled Regal Cinemas; regional sporting goods store Dunham’s Sports; national retailers Five Below, Old Navy and Party City; dining options Outback Steakhouse, Panera Bread, Popeyes and Ruby Tuesday; national department stores Belk and JCPenney; beauty salon retailers Ulta Beauty and Sephora located inside JCPenney; and numerous national and local specialty retailers. Learn more at www.grandcentralmall.com.

Grand Central Mall prides itself on being a gathering place within the community to shop, play, eat, drink and spend time together. Last year, Grand Central Mall hosted more than 60 events and has a robust schedule of events planned for 2019. The redevelopment opportunity at Grand Central Mall demonstrates the Company’s commitment to the community, while illustrating its mandate to diversify tenancy and further solidify the asset as the dominant secondary town center within the area.

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/2019/02/20/1738256/0/en/Grand-Central-Mall-to-Begin-Demolition-of-Former-Sears-Space.html