COLUMBUS, Ohio, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (: WPG) is enhancing the guest experience at Bowie Town Center, a hybrid Tier One property, and adjacent Bowie Town Center Strip, an Open Air property, located in Bowie, Maryland (collectively as “Bowie Town Center”), through the addition of new lifestyle tenancy including Party HQ, an approximately 18,000 square foot family-friendly entertainment concept. Bowie Town Center is anchored by a dynamic mix of retail, dining and entertainment uses, as well as grocery, fitness, wellness and beauty services.
Lou Conforti, CEO and Director of Washington Prime Group stated: “Whenever we have the opportunity to work with seasoned local entrepreneurs who understand, appreciate and, most importantly, respect the specific desires of a demographic constituency, the asset in question is always better served. Party HQ checks the aforementioned boxes and then some as they prepare to deliver their exciting entertainment concept to Bowie Town Center. As their motto is ‘best party from the Beltway to the Bay’, I’m looking forward to laser tag and bowling, albeit one handed as my other will be reserved for crab cakes.”
Conforti added: “Bowie Town Center guests, both existing and potential, deserve a more robust roster of goods, services, entertainment and dining. It is our objective to address these requirements via tenant diversification and common area activation which will reaffirm Bowie Town Center as the town center for this vibrant community. We look forward to further nurturing relationships with Bowie State University (shout out to the Bulldogs football team with four wins and one loss); the City of Bowie whose public officials have been proactive partners as we continue to rejuvenate this asset; the abundance of cultural, governmental and educational institutions within the immediate area; and every single resident who calls Bowie, Maryland their home.”
Washington Prime Group is executing its strategy of adding more lifestyle tenancy as a key element to enhancing the guest experience, driving guest traffic and extending duration of visits to its town centers. Lifestyle tenancy includes dining, entertainment, home furnishings, grocery, fitness, wellness and beauty services. As of August 31, 2018, the Company has leased over 2.7 million square feet throughout its total portfolio, which includes inline and anchor space, of which 64% of new leasing activity was to lifestyle tenancy.
Party HQ, a new concept created by locally-owned Sky High Sports & Entertainment, LLC, will offer the Bowie community and surrounding areas in-demand entertainment options including bowling, laser tag, arcade games, climbing walls, and virtual reality experiences. In addition, Party HQ will offer guests a full-service restaurant and lounge area, serving popular food, beer, wine and specialty cocktails. Party HQ will replace the food court at Bowie Town Center, adding new and differentiated uses for its guests. Party HQ expects to open in summer 2019.
Rodney Chambers, Sky High Sports & Entertainment Managing Partner stated: “Party HQ is sure to be the best party from the Beltway to the Bay.”
A group of restaurants including Chipotle Mexican Grill, First Watch, Five Guys Burgers and Fries, Jimmy John’s, Longhorn Steakhouse, Noodles & Company, Olive Garden, Panda Express, Panera Bread, Potbelly Sandwich Works, Red Robin Gourmet Burgers and Brews, Sardi’s Chicken, Starbucks, Three Brothers Italian Restaurant and Wing Stop are among the many food and beverage options offered at Bowie Town Center. Along with Mezeh Mediterranean Grill, which is currently under construction to open soon, and BJ’s Restaurant and Brewhouse, located on an outparcel, Party HQ further solidifies Bowie Town Center as the area’s food and beverage destination.
Tenants at Bowie Town Center that have recently opened new or remodeled locations include KicksUSA, an urban footwear and apparel retailer; Vivi Trendsetter, a Maryland-based fashion boutique; Overdue Recognition Art Gallery, offering an impressive display of African American art; as well as numerous local tenants offering wellness and beauty services. Other tenants expected to open later this year include All In Adventures, the ultimate escape room experience, and Sola Salon Studios, one of the largest, fastest-growing salon studio businesses in the country.
To further demonstrate its commitment to the Bowie community, the Company plans to renovate the children’s play area and green spaces at Bowie Town Center. New public restrooms will also be added.
Bowie Town Center enjoys a large trade area that covers the eastern half of Prince George’s County and the western portion of Anne Arundel County. Trade catchment area reaches the large suburban population between the Interstate 495 Beltway and the western portion of the Annapolis market.
One of the leading employers in the area is Andrews Air Force Base, which employs approximately 15,000 people. Bowie Town Center neighbors Inovalon, a leading medical informatics service provider with over 2,000 employees. The town center is also conveniently located across the street from approximately 190,000 square feet of Class A office space at the intersection of Route 197 and Northview Drive. In addition, NASA’s Goddard Space Flight Center is located nearby.
Bowie Town Center is less than a 20 minute drive from the University of Maryland and its student population of over 38,000. In addition, the trade area is home to entertainment destinations such as Six Flags theme park, just 2.5 miles away and Prince George’s Stadium, home of the Bowie Baysox, the Double-A affiliate of the Baltimore Orioles.
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.
Contacts
Lisa A. Indest, CAO & Senior VP, Finance, 614.887.5844 or [email protected]
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or [email protected]
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase mall store occupancy and same-mall operating income; risks associated with the acquisition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; failure to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.
