The company that owns the Paddock Mall in Ocala, as well as dozens of other shopping centers across the United States, has announced plans to lay off over 100 employees and sell off its collection of malls.
In a Worker Adjustment and Retraining Notification (WARN) letter filed with the state of Ohio’s Office of Workforce Development on April 2, Washington Prime Group, LP (WPG) announced the termination of approximately 139 employees at its headquarters in that state.
According to a report by CoStar, a commercial real estate information company, WPG is selling its shopping centers and divesting from the business. CoStar reports that over the past several years, the company has moved on from multiple mall properties, amounting to over $1 billion in sales.
WPG is currently owned by Strategic Value Partners (SVPGlobal). According to its website, the company has “70+ properties in markets from Hawaii to Florida.” That includes nine locations in Texas, four in Ohio, and four in Indiana.
It also includes ten locations in the Sunshine State, where WPG operates facilities in Pensacola (University Town Plaza), Jacksonville (Orange Park Mall), Orlando (West Town Corners), and Tampa (WestShore Plaza), among other cities.
The terms of the sale for Ocala’s Paddock Mall and the other properties have not been publicly disclosed. In a statement to CoStar, a company spokesperson indicated that the remainder of the portfolio is or will soon be on the market for sale.
Located at 3100 SW College Road in Ocala, the Paddock Mall has seen the addition of multiple vendors over the past several years, including lululemon, Torrid, Windsor, Popeyes, MINISO, Blossom Juicy Bar, Pandora, and Restaurant Depot.
A new artisan market is also currently in the works.
WPG says that it will begin terminating employees at its headquarters in Ohio in early June, with all terminations expected to be complete by March 2026.
According to CoStar, WPG sold four grocery-anchored shopping centers for $211.8 million to Brixmor Property Group last December, as well as an outlet shopping mall in Washington for $82 million last October.
EDITOR’S NOTE: CoStar is a subsidiary of CoStar Group, which operates several of the largest real estate platforms in the world, including LoopNet, Apartments.com, and Homes.com. The company regularly reports on matters within the commercial and residential real estate industries. To read their complete article on this topic, visit CoStar.