Washington Prime Group

What Washington Prime Group does

Washington Prime Group (WPG) is a U.S. retail real estate company that owned and managed 98 regional shopping centers and community lifestyle centers across markets in the Midwest, Southwest, Southeast, and Northeast. Founded in 2014 through the $4.3 billion acquisition of Glimcher Realty Trust, WPG operated a diversified portfolio spanning open-air shopping centers, enclosed malls, and mixed-use redevelopments such as Clay Terrace in Carmel, IN. Its core properties included Scottsdale Quarter (AZ), The Arboretum (TX), Mall at Johnson City (TN), Waterford Lakes Town Center (FL), and Gateway Mall (NE).

WPG's business model was built on commercial real estate leasing — generating recurring rental income from national retailers, digitally native brands expanding into physical retail, and local restaurant and boutique concepts — supplemented by one-time property sales and dispositions. Its go-to-market approach was sales-led and property-centric, with leasing teams curating optimal tenant mixes for each market rather than pursuing a uniform brand strategy. Tenants spanned apparel (Lululemon, Veronica Beard, Faherty), dining (Chipotle, Dave's Hot Chicken, Eggs Up Grill), beauty (Sephora), sporting goods (Nike Unite, JD Sports), entertainment (PuttShack, Popstroke), and home goods (Ballard Designs, Yeti). The company also pursued mixed-use redevelopment integrating retail, residential, and office space.

WPG is currently in active wind-down following bankruptcy proceedings. In 2025-2026 the company divested multiple marquee assets, including four enclosed malls to CBL Properties for $178.9 million, a Coral Springs shopping center to Carlyle Management Group for $60.5 million, Gateway Mall to CBL for $43.5 million, and Melbourne Square Mall to Second Horizon Capital as part of bankruptcy proceedings. The corporate website (wpgus.com) remains accessible with a 2026 copyright notice, but operating status is effectively closed as the entity is no longer a going concern.

Name

Washington Prime Group

Legal name

Washington Prime Group

Website

https://washingtonprime.com

Company type

Private

Founded year

2014

Operating status

Closed

Headcount range

251–500 employees

Short description

Washington Prime Group was a U.S. retail REIT that owned and managed 98 regional shopping centers and lifestyle centers, leasing space to national retailers, digitally native brands, and local concepts. The company entered bankruptcy and is divesting its portfolio.

Ownership category

akta.pro rank

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Property Sales/Dispositions: Washington Prime Group generates revenue through selling properties. Recent transactions include Gateway Mall sold for $43.5M, Melbourne Square Mall sold as part of bankruptcy proceedings, and Coral Springs shopping center sold for $60.5M.
2. Commercial Real Estate Leasing: Revenue generated from leasing retail space to tenants including national retailers, digitally native brands, and local concepts across their portfolio of open-air and enclosed-mall properties.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Washington Prime Group owns and operates a portfolio of approximately 98 open-air and enclosed-mall shopping centers and community lifestyle centers across the U.S. The company leases retail space to national retailers, digitally native brands, and local concepts through a property-centric leasing approach, while also pursuing mixed-use redevelopments that combine retail, residential, and office components.

Product overview

Washington Prime Group operates as a retail real estate operator managing a portfolio of open-air and enclosed-mall shopping properties across the United States. The company offers property leasing services, connecting retailers with physical retail space through property-centric leasing teams. The portfolio includes mixed-use redevelopments (Clay Terrace), upscale retail destinations (Scottsdale Quarter), traditional enclosed malls (The Mall at Johnson City, Gateway Mall), and open-air shopping centers (The Arboretum, Waterford Lakes Town Center). Properties are located across key markets including Arizona, Texas, Tennessee, Florida, Indiana, and Nebraska.

Differentiator

Problem solved

Functional benefit

Products and services

• Clay Terrace
• Scottsdale Quarter
• The Arboretum
• The Mall at Johnson City
• Waterford Lakes Town Center
• Short-Term Leasing Program Short-term and temporary retail leasing opportunities within WPG's portfolio of properties, targeting pop-up tenants and short-duration retail concepts.
• Advertising and Partnership Opportunities

Named customers22 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• CBL PropertiescoreOthersCBL Properties acquired Gateway Mall in Lincoln, NE for $43.5 million from Washington Prime Group. CBL previously acquired four malls from Washington Prime Group in 2025, aligning with their strategy to pursue high-yield enclosed mall opportunities.
• Second Horizon CapitalcoreOthersSecond Horizon Capital acquired Melbourne Square Mall, the largest shopping center in Brevard County, Florida, from Washington Prime Group as part of bankruptcy proceedings. The investment group announced plans to invest in community engagement, center operations, and building upgrades.
• Carlyle Management GroupcoreOthersWashington Prime Group sold a Coral Springs shopping center to a joint venture led by Carlyle Management Group for $60.5 million. The acquisition was financed in part by a $40 million loan from Wells Fargo.

Scale indicators2 records

Recent moves9 records

Expansion highlights3 records

Regional players

• Tanger Inc. U.S. REIT specializing in upscale outlet and open-air shopping destinations. Comparable in scale and tenant-mix philosophy to WPG's lifestyle centers, though focused on the outlet format.
• Phillips Edison & Company: U.S. shopping-center REIT focused on necessity-anchored, open-air neighborhood and community centers. Comparable to WPG's open-air and community-lifestyle-center assets, though it focuses on grocery-anchored formats rather than enclosed malls.

Broad incumbents

• Kimco Realty: One of the largest publicly traded open-air shopping-center REITs in North America. Comparable to WPG's open-air and community-center holdings, with overlap in leasing to national and digitally native retail tenants.
• Brixmor Property Group: Open-air shopping-center REIT with a large portfolio of community and neighborhood centers across the U.S. Comparable to WPG's open-air holdings and overlapping tenant mix, though focused exclusively on grocery-anchored formats.
• Federal Realty Investment Trust: U.S. REIT focused on open-air, mixed-use, and high-density shopping districts. Comparable to WPG's mixed-use redevelopment (Clay Terrace) and lifestyle-center strategy (Scottsdale Quarter), with a strong national-tenant leasing franchise.
• Simon Property Group: Largest U.S. mall REIT, operating hundreds of enclosed malls, premium outlets, and lifestyle centers. Closest broad incumbent comparable to Washington Prime Group's mall and lifestyle-center portfolio, though materially larger and investment-grade.
• Brookfield Property Partners: Global retail and office real-estate owner-operator with large U.S. mall holdings. A broader incumbent peer with overlapping mall and lifestyle-center exposure to Washington Prime Group, but operating at much greater scale and with a diversified global portfolio.

Direct peers

• Macerich: U.S. mall REIT that owns and operates regional shopping centers with a focus on high-quality, market-dominant properties. Directly comparable to WPG's enclosed-mall strategy, particularly its portfolio of regional centers in mid-sized U.S. markets.
• Pennsylvania REIT (PREIT): Mid-size mall REIT with properties concentrated in the Mid-Atlantic and Northeast. Comparable to WPG in scale, regional mall focus, and exposure to a similar mid-market tenant mix.
• CBL & Associates Properties: Enclosed-mall REIT focused on middle-market and secondary-market shopping centers. A direct, near-clone peer to Washington Prime Group; CBL has been the principal acquirer of WPG's divested malls in 2025-2026, including the four-mall $178.9M deal and the $43.5M Gateway Mall purchase.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/WAPrime
• Facebookfacebook.com/494501273993015
• LinkedInlinkedin.com/company/washington-prime-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Washington Prime Group