Simon Property Group (SPG) has appointed Mark Ordan as chief executive officer of Washington Prime Group, an independent, publicly traded REIT, comprised initially of SPG's strip centre business and its smaller enclosed malls.
Washington Prime Group's mission is to own stable, quality retail properties that effectively serve the communities in which they are located. Washington Prime Group is expected to initially own or have an interest in 98 diversified retail real estate assets.
Most recently, Ordan was CEO of Sunrise Senior Living, having led its successful turnaround and eventual sale to Health Care REIT and KKR. Prior to Sunrise, Ordan guided the turnaround of The Mills Corporation as its CEO, and then led its sale to Simon Property Group and Farallon Capital Management.
Ordan was founder and CEO of Fresh Fields which he sold to Whole Foods Market. He served on the board of Federal Realty Investment Trust for 10 years and was non-executive chairman from 2001 through 2006 when he led the board of director's restructuring of the senior management team.
David Simon, chairman and CEO of Simon Property Group, says: "We worked closely with Mark during the Mills transaction and found him to be a top-rate executive with particular expertise in creating value for an organisation. I am very confident Mark has the retail real estate operating experience to lead this exciting new company."