Washington Square (Indianapolis)

Washington Square Mall
Location Indianapolis, Indiana, United States
Opening date 1974
Developer Edward J. DeBartolo, Sr.
Management Jones Lang Lasalle
Owner Kohan Retail Investment Group
No. of stores and services 70+
No. of anchor tenants 4
Total retail floor area 965,000 sq ft (89,700 m2).
No. of floors 1
Website Official website

Washington Square Mall is a regional shopping mall located on the eastern side of Indianapolis. It opened in 1974 with a renovation/expansion in 1999.[1] Today, the mall is a nice neighborhood mall with good standing independent stores. Burlington Coat Factory, Dick's Sporting Goods, and Target are the major anchor stores, as well as AMC Theatres.

History

This mall was built by Edward J. DeBartolo Sr. and opened in April 1974, supplanting Eastgate Shopping Center three miles to the west, which had opened 1957. JC Penney, Sears, and many prime tenants made the move from Eastgaste to Washington Square. L. S. Ayres, William H. Block, and Lazarus were also anchors when the mall was built.

Simon Property Group merged with the DeBartolo company in 1996. Simon renovated the mall in 1999. The mall faced a rough period of decline between 2005 and 2010, at which point several stores, including Old Navy, J C Penney, and Macy's, pulled out. However, with Burlington occupying the former J C Penney since 2003 and Indy Wholesale Furniture recently moving into the space formerly occupied by Macy's. Washington Square has all five anchor tenant slots filled for the first time since 2008. Target now occupies the site of Block (later Montgomery Ward), and Dick's Sporting Goods occupies the site of Lazarus. In February 2013, Indy Wholesale Furniture announced that it would be going out of business, soon leaving one of the five anchor spots vacant. In early 2014, Washington Square lost BonWorth, Rack Room Shoes, MCL cafeteria, and Foot Locker, with the former three all closing and the latter moving to Cherry Tree plaza a mile west.

As of August 20, 2014, the mall's Facebook page no longer displays the SIMON logo or any SIMON photos, and the mall's page on the SIMON website has been disabled. Soon after, it was announced Jones Lang LaSalle is now managing the mall. [2] [3] Simon voluntarily handed over the deed to the property Aug. 6, eliminating the need for a costly and lengthy foreclosure proceeding. Simon's financial filings showed the company held $25.5 million in debt on Washington Square, which appears to be more than the mall is worth. By 2013, occupancy slipped under 50 percent, but came back to 85 or 90 percent when the mall went to a new owner. The mall by 2016 has a nice neighborhood feeling with good independent stores along with the remaining anchor stores.

Sears announced the closure of its Washington Square store in September 2014.[4]

There is a store called Smell Goods 2 that has been there since 2011 and somehow this booth by target manage to supply oils for the whole Eastside of indianapolis. Smell Goods 2 sells oils, incense, black soap, and Shea butter. Plus SG2 turns the oils into lotions, body sprays, colonges, perfumes, and more. This booth is one of the heavyweight s in the mall.

References

  1. ↑ http://www.simon.com/Mall/LeasingSheet/WashingtonSquare172.pdf Historical Information
  2. ↑ http://www.indystar.com/story/money/2014/08/25/washington-square-mall-new-management/14575447/
  3. ↑ http://www.ibj.com/simon-hands-over-washington-square-to-lender/PARAMS/article/49187
  4. ↑ http://www.ibj.com/washington-square-mall-losing-biggest-tenant/PARAMS/article/49734

External links

Coordinates: 39°46′37″N 85°59′17″W / 39.777°N 85.988°W / 39.777; -85.988

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