“Don’t ask me if we’re a regional mall, lifestyle of shopping center company. I just couldn’t care less about this archaic classification,” Conforti said. “What I do know is our guests demand a convenient manner by which to purchase, both mainstay and specialty goods as well as differentiated food, beverage, entertainment and the like. Shame on us if we fail to deliver.”
Occupancy rates for all Washington Prime properties was 93.1 percent at year-end 2017.
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The company also signed an agreement to purchase Southgate Mall, a dominant hybrid format retail venue situated in Missoula, Mont. The asset features a Lucky’s Market and a nine-screen dine-in AMC Theater – both newly built. Lifestyle tenancy, which includes food, beverage, entertainment and fitness, accounted for 47 percent of total leasing volume in 2017.
Some changes have occurred at locally owned Washington Prime malls. The company in September signed a definitive agreement for the sale of 41 restaurant outparcels to Four Corners Property Trust Inc. for more than $67 million, including outparcels at the Mall at Fairfield Commons located in Beavercreek.
“Four Corners Property Trust is better suited to own the aforementioned outparcels. Deploying proceeds from this transaction to invest in other opportunities is prudent as it allows us to concentrate upon continued financial improvement,” Conforti said.
The Associated Press contributed to this report.
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