Washington Square is out for bid, but can the mall be rescued?
The 1.1-million-square-foot mall is adrift without a permanent owner or turnaround strategy. Now its lender is attempting to sell it.
The 1.1-million-square-foot mall is adrift without a permanent owner or turnaround strategy. Now its lender is attempting to sell it.
Sears Roebuck and Co. plans to close its 194,680-square-foot anchor store in early December, the retailer confirmed Monday. A liquidation sale began Friday.
Simon Property Group Inc. has given up on the struggling Washington Square Mall, turning over control to a lender.
The east-side mall's occupancy has fallen to 43.8 percent, down from was 86.6 percent in 2011 and 77.2 percent in 2012.
A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.
Marion County is granting Simon Property Group Inc. a $2.4 million refund, after a tax review board cut the value of Lafayette Square Mall and Washington Square Mall roughly in half.
Simon Property Group has more shopping malls with Sears as a tenant than any other landlord, but any closings are likely have a negligible effect on the Indianapolis-based real estate company's overall earnings, an analyst says.
Between 100 and 120 Sears and Kmart stores will be closed, the retailer said Tuesday, after terrible holiday sales during what is the most crucial time of the year for retailers.
Traffic is low and vacancies are high at Washington Square Mall, the most troubled local property for Indianapolis-based mall giant Simon Property Group Inc.
High-end custom homebuilder Moussa Khoury and a partner bought the former Macy’s store at Washington Square Mall in 2009 for about $775,000. They paid cash since commercial lending had vanished. Two years later, the investment has begun paying off.
Thompson Thrift, based in Terre Haute and Carmel, has started construction on Washington Square Commons, a 9,000-square-foot
retail strip at 10110 E. Washington St., at a major entrance to Washington Square Mall.