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Simon plucks in-house execs for spinoff firm

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Simon Property Group Inc. is reaching into its own stable of executives to stock the C-suite of its publicly traded spinoff for retail strip centers and smaller enclosed malls, Washington Prime Group Inc.

The Indianapolis-based retail real estate behemoth announced Monday several appointments for management positions, as well as four independent directors who will join the board of Washington Prime. The three managers all currently hold positions with Simon.

That’s in contrast with Simon’s choice for CEO: outsider Mark Ordan, who most recently was CEO of McLean, Va.-based Sunrise Senior Living Inc. and formerly was CEO of Virginia-based mall developer Mills Corp. His appointment was announced in February.

For chief operating officer of Washington Prime, Simon has pegged Myles Minton, its president of community and lifestyle centers. He has held that position since 2007.

Robert P. Demchak, currently Simon’s senior vice president for legal and capital markets, will join Washington Prime as general counsel and corporate secretary. He has worked in various legal positions at Simon since 2009.

Michael J. Caffney will hold the position of senior vice president, head of capital markets. As current senior vice president of capital markets at Simon Property Group, Gaffney has led numerous debt and equity capital markets transactions, and has been a member of Simon's finance team for seven years.

"These seasoned leaders, along with our soon-to-be-announced chief financial officer, have deep knowledge and experience managing large, public retail real estate companies,” Ordan said in a prepared statement.

The four independent directors appointed to Washington Prime’s board are:

— Robert J. Laikin, founder and former chairman of the board and CEO of Indianapolis-based BrightPoint Inc. BrightPoint was acquired in 2012 by Ingram Micro Inc.

— Louis G. Conforti, senior managing director of Balyasny Asset Management and principal of Colony Capital LLC.

— Jacquelyn Soffer, principal of Turnberry Associates, a Florida-based real estate development and property management company.

— Marvin White, system vice president and chief financial officer of Indianapolis-based St. Vincent Health.

Washington Prime’s portfolio initially will consist of 98 retail properties totaling 53 million square feet in 23 states, including 13 properties in Indiana.

After completion of the planned spinoff from Simon, Indianapolis-based Washington Prime intends to become an independent, publicly traded real estate investment trust traded on the New York Stock Exchange.
 

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

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