Washington Prime Group

Last updated
Washington Prime Group Inc.
Industry Real estate investment trust
FoundedMay 28, 2014;9 years ago (2014-05-28)
Headquarters
Columbus, Ohio, US
Key people
 Robert J. Laikin, Chairman
Louis G. Conforti, CEO
Mark E. Yale, CFO
Products Shopping centers
RevenueDecrease2.svg $661 million (2019)
Decrease2.svg -$9 million (2019)
Total assets Decrease2.svg $4.250 billion (2019)
Total equity Decrease2.svg $906 million (2019)
Number of employees
845 (2019)
Website washingtonprime.com
Footnotes /references
[1]

Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. [1] From January 2015 to September 2016, the company had the name WP Glimcher. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy. [2]

Contents

Investments

As of 2024, the company owned interests in 89 shopping centers. [1]

Properties owned by the company include the following: [1] [3]

Property NameLocation
Ashland Town Center Ashland, Kentucky
Arbor Hills Ann Arbor, Michigan
Arboretum Austin, Texas
Bloomingdale Court Bloomingdale, Illinois
Bowie Town Center Bowie, Maryland
Bowie Town Center Strip Bowie, Maryland
Boynton Beach Mall Boynton Beach, Florida
Canyon View Marketplace Grand Junction, Colorado
Chesapeake Center Chesapeake, Virginia
Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve Nichols Hills, Oklahoma
Clay Terrace Carmel, Indiana
Concord Marketplace Concord, North Carolina
Countryside Plaza Countryside, Illinois
Dare Centre Kill Devil Hills, North Carolina
Edison Mall Fort Myers, Florida
Empire East Sioux Falls, South Dakota
Fairfax Court Fairfax, Virginia
Fairfield Town Center Cypress, Texas
Forest Plaza Rockford, Illinois
Gaitway Plaza Ocala, Florida
Gateway Mall Lincoln, Nebraska
Gateway Shopping Centers Austin, Texas
Grand Central Mall Vienna, West Virginia
Great Lakes Mall Mentor, Ohio
Greenwood Plus Greenwood, Indiana
Henderson Square King of Prussia, Pennsylvania
Indian Mound Mall Heath, Ohio
Irving Mall Irving, Texas
Jefferson Valley Mall Yorktown Heights, New York
Keystone Shoppes Indianapolis, Indiana
Lake Plaza Waukegan, Illinois
Lakeline Plaza Cedar Park, Texas
Lakeline Village Cedar Park, Texas
Lakeview Plaza Orland Park, Illinois
Lima Center Lima, Ohio
Lincoln Crossing O'Fallon, Illinois
Longview Mall Longview, Texas
MacGregor Village Cary, North Carolina
Malibu Lumber Yard Malibu, California
The Mall at Fairfield Commons Beavercreek, Ohio
The Mall at Johnson City Johnson City, Tennessee
Mall of Georgia Crossing Buford, Georgia
Markland Mall Kokomo, Indiana
Markland Plaza Kokomo, Indiana
Martinsville Plaza Martinsville, Virginia
Melbourne Square Melbourne, Florida
Mesa Mall Grand Junction, Colorado
Morgantown Mall Morgantown, West Virginia
Muncie Plaza Muncie, Indiana
North Ridge Shopping Center Raleigh, North Carolina
Northwood Plaza Fort Wayne, Indiana
Orange Park Mall Orange Park, Florida
The Outlet Collection Seattle Auburn, Washington
Paddock Mall Ocala, Florida
Palms Crossing McAllen, Texas
Pearlridge Center Aiea, Hawaii
The Plaza at Buckland Hills Manchester, Connecticut
Polaris Fashion Place Columbus, Ohio
Richardson Square Richardson, Texas
Rockaway Centres Rockaway, New Jersey
Royal Eagle Plaza Coral Springs, Florida
Scottsdale Quarter Scottsdale, Arizona
The Shops at Arbor Walk Austin, Texas
The Shops at North East Mall Hurst, Texas
Southern Park Mall Youngstown, Ohio
Southgate Mall Missoula, Montana
St. Charles Towne Plaza Waldorf, Maryland
Tippecanoe Plaza Lafayette, Indiana
Town Center at Aurora Aurora, Colorado
Town Center Plaza and Town Center Crossing Leawood, Kansas
University Center Mishawaka, Indiana
University Town Plaza Pensacola, Florida
Village Park Plaza Carmel, Indiana
Washington Plaza Indianapolis, Indiana
Waterford Lakes Town Center Orlando, Florida
Weberstown Mall Stockton, California
West Town Corners Altamonte Springs, Florida
Westland Park Plaza Jacksonville, Florida
Westminster Mall Westminster, California
WestShore Plaza Tampa, Florida
White Oaks Plaza and Convenience Center Springfield, Illinois
Whitehall Mall Whitehall, Pennsylvania
Wolf Ranch Town Center Georgetown, Texas

History

On May 28, 2014, the company, which at that time owned interests in 98 shopping centers, was spun off by Simon Property Group. [4]

In June 2014, the company acquired its partner's 50% interest in Clay Terrace for $22.9 million. [5]

In January 2015, the company acquired Glimcher Realty Trust in a $4.3 billion transaction and the company was renamed as WP Glimcher. As part of the transaction, Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, were sold to Simon Property Group, while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey and Jefferson Valley Mall in Yorktown Heights, New York from Simon. [6] [7]

On June 20, 2016, CEO Michael P. Glimcher resigned from the company and Louis G. Conforti was named chief executive officer. [8] [9]

In September 2016, the company changed its name back to Washington Prime Group. [10] The company also sold Knoxville Center for $10.15 million. [11]

In May 2017, the company sold a stake in six mall properties for $340 million. [12]

In June 2021, Washington Prime Group filed for bankruptcy. [2]

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References

  1. 1 2 3 4 "Washington Prime Group Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 Tyko, Kelly (June 14, 2021). "Mall owner Washington Prime Group files for Chapter 11 bankruptcy protection, citing COVID-19". USA Today. McLean, Va. Retrieved June 14, 2021.
  3. ↑ "Washington Prime Group Inc. - Properties - Portfolio - All Properties". wpgus.com. Retrieved 2022-12-22.
  4. ↑ "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
  5. ↑ "Washington Prime Acquires Partner's Interest in Clay Terrace" (Press release). PR Newswire. June 16, 2014.
  6. ↑ "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
  7. ↑ "Washington Prime Group Completes Acquisition of Glimcher Realty Trust; Company to Be Known as WP GLIMCHER" (Press release). Business Wire. January 15, 2015.
  8. ↑ "WP Glimcher Announces Leadership Transition and Proposed Corporate Change of Name" (Press release). Business Wire. June 20, 2016.
  9. ↑ "WP Glimcher says CEO resigns, proposes name change". Reuters . June 20, 2016.
  10. ↑ Weese, Evan (September 1, 2016). "Glimcher name dropped as mall operator rebrands as 'Washington Prime Group'". American City Business Journals .
  11. ↑ "Knoxville Center Mall sold". Knoxville News Sentinel . August 19, 2016.
  12. ↑ Weese, Evan (May 16, 2017). "Washington Prime Group sells $340M stake in 6 mall properties". American City Business Journals .
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