WP Glimcher

WP Glimcher (NYSE: WPG) is a real estate investment trust headquartered in Columbus, Ohio, with additional offices in Bethesda, Maryland and Indianapolis, Indiana.[1] It was formed in 2015 from the merger of Washington Prime Group and Glimcher Realty Trust. The company is headed by CEO Michael Glimcher, who was previously the CEO of Glimcher Realty Trust. Like its predecessors, it specializes in the development and management of malls and shopping centers. As of March 2016, it currently owns and manages 121 properties.[2]

In 2014, Simon Property Group announced it would form an REIT of its regional malls and community shopping centers named Washington Prime Group. The spinoff was created in May 2014, headed by Mark Ordan, who was also the final CEO of the Simon-acquired Mills Corporation. The regional malls were still managed by and flagged as Simon properties until early 2016, while the shopping centers were managed by WPG in-house.

In September 2014, Washington Prime Group announced plans to acquire Glimcher Realty Trust and its properties, in which Washington Prime Group would be renamed WP Glimcher when the deal went through. The deal was completed in January 2015, with the newly merged company adding all of Glimcher's properties to its portfolio. As part of the deal, 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. Michael Glimcher, formerly the CEO of Glimcher Realty Trust, later became the CEO of WP Glimcher in June 2015.[3]

In February 2016, WP Glimcher sold Forest Mall in Fond du Lac, Wisconsin and Northlake Mall in Atlanta, Georgia to Dallas, Texas-based ATR Corinth Partners.[4][5]

References

  1. ↑ "Who We Are | WP GLIMCHER". wpglimcher.com. Retrieved 2016-03-09.
  2. ↑ "WP GLIMCHER". wpglimcher.com. Retrieved 2016-03-09.
  3. ↑ "WP Glimcher Announces Management Transition | Business Wire". businesswire.com. Retrieved 2016-03-09.
  4. ↑ "DeKalb's Northlake Mall sold to Texas firm | www.ajc.com". ajc.com. Retrieved 2016-03-09.
  5. ↑ "With new owners, expect overhaul of Fond du Lac's Forest Mall". fdlreporter.com. Retrieved 2016-03-09.
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