REIT Sees Strong Demand from Big Box Retailers
The firm reports that it has secured leases at three of its properties in Ohio, New Mexico and West Virginia.
COLUMBUS, OH—Locally-based retail REIT Washington Prime Group says that big box users continue to show interest in its hybrid town center projects.
The firm reports that it has secured leases at three of its properties in Ohio, New Mexico and West Virginia.
Big Lots will open at the Grand Central Mall, a hybrid, mixed use, town center serving a catchment area of over 75 miles in Parkersburg, WV. Big Lots will join junior anchor H&M, which will open on Oct. 25 at Grand Central Mall. Big Lots will replace a former Toys R Us location. Additionally, Ulta Beauty and Five Below recently replaced a former hhgregg location.
Ross Dress for Less will open at Dayton Mall, a hybrid town center which benefits from its prime location at the intersection of State Routes 725 and 741 bordered by Interstates 75 and 675 in Dayton, OH. Ross Dress for Less will replace a former hhgregg location at the town center. Washington Prime previously announced that The RoomPlace will also open at Dayton Mall.
In addition, Homelife and Mor Furniture for Less will open at the Cottonwood Mall, a hybrid town center serving a catchment area covering Albuquerque and the northwest portion of New Mexico. The REIT previously reported that Hobby Lobby will also join the tenant lineup at Cottonwood Mall, and, along with Homelife and Mor Furniture for Less, will replace a former Macy’s department store.
Lou Conforti, CEO and director of Washington Prime Group stated, “The idea of an asset being either open air or enclosed is akin to drawing a line in the sand at Dairy Queen and refusing to taste a twist cone because you are either Team Chocolate or Vanilla. A dominant secondary asset should satisfy the taste buds of its entire demographic constituency within a single venue. Our hybrid format accomplishes this objective with 93% of our Tier One properties including an open-air component.”