Washington Prime Group (WPG), once a prominent retail REIT, is nearing the end of a long unwinding process by putting its remaining malls and shopping centers up for sale. The move, driven by looming $1.1 billion in commercial mortgage-backed securities (CMBS) maturities, opens a rare window for opportunistic investors—particularly those with the appetite and expertise to navigate distressed retail assets.

Once listed on the NYSE, WPG went private after filing for Chapter 11 bankruptcy during the pandemic’s retail apocalypse. Now owned by SVPGlobal, the REIT has already sold approximately $1 billion worth of properties in the past 24 months, according to CoStar data. With its final 50 properties reportedly hitting the market, WPG’s strategy appears to be a full-scale liquidation, accompanied by a 139-person workforce reduction at its Columbus, Ohio headquarters.

​“They have been working toward a successful monetization and winding down of the portfolio for some time,” said Brandon Svec, national director of U.S. retail analytics at CoStar Group.

What makes this development particularly compelling for seasoned investors is the juxtaposition of distressed sales with strong demand—especially in open-air shopping centers. SVPGlobal is betting the timing is right. With improved tenant mixes, better capital structures, and tighter retail space nationwide, the firm sees a favorable exit environment.

Open-air centers, often anchored by grocery stores or necessity-based tenants, have outperformed enclosed malls post-pandemic. These assets offer predictable foot traffic and better rent collection—key variables in cap rate compression.

​Recent sales underscore the trend. In December, Brixmor Property Group acquired four grocery-anchored centers from WPG for $211.8 million. In October, WPG sold a Washington-based outlet mall for $82 million.