Washington Square Mall (Indianapolis)
 | |
| Location | Indianapolis, Indiana, United States |
|---|---|
| Opening date | 1974 |
| Developer | Edward J. DeBartolo, Sr. |
| Management | Jones Lang Lasalle |
| Owner | Jones Lang Lasalle |
| No. of stores and services | 80+ |
| No. of anchor tenants | 4 |
| Total retail floor area | 965,000 sq ft (89,700 m2). |
| No. of floors | 1 |
| Website | none currently |
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, under 50% of the mall is occupied. However, Burlington Coat Factory, Dick's Sporting Goods, and Target are the major anchor stores, as well a movie theater. Remaining first-tier inline stores in Washington Square include Finish Line, Radio Shack, Claire's Boutique, Kay Jewelers, Bath and Body Works, and Victoria's Secret.
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, which is far lower than Simon's overall portfolio occupancy of more than 95 percent, according to company data that it releases as a publicly traded real estate trust.
Sears announced the closure of its Washington Square store in September 2014.[4]
References
- ^ http://www.simon.com/Mall/LeasingSheet/WashingtonSquare172.pdf Historical Information
- ^ http://www.indystar.com/story/money/2014/08/25/washington-square-mall-new-management/14575447/
- ^ http://www.ibj.com/simon-hands-over-washington-square-to-lender/PARAMS/article/49187
- ^ http://www.ibj.com/washington-square-mall-losing-biggest-tenant/PARAMS/article/49734
 | This article needs additional citations for verification. (August 2007) |