Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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the ability to sit out the rough spots have helped him as a turnaround spe- cialist. "I'm not looking for the emer- gency exit to rush out of," he said. The ability to juggle and hold doz- ens of contrasting visions and ideas in his head has been helpful too — specifically when putting together the pieces of the Sunrise buyout. "Mark does a great job of run- ning multiple paths simultaneously," said C. Marc Richards, formerly vice president of accounting at Mills and now CFO of Washington Prime. "He's great at putting together a long- term growth strategy for the company while also focusing on short-term restructuring and the balance sheet, and while all of that is going on, he is also great at looking at strategic al- ternatives that could bring immediate benefits to the shareholder." O n e o f t h e m o s t i m p o r t a n t i n s i g h t s O r d a n g a i n e d f r o m h i s varied career paths was the impor- tance of having a strong, reputable partner. And this is why among the first things he did upon taking over Washington Prime was to search for a well-regarded company to merge w i t h . H e f o u n d i t i n G l i m c h e r . "They had the best combination of assets, steady cash flow, high-quality retail and very talented people," he said. "It would have taken many years to grow [by ourselves] if we had just bought the assets." In Washington Prime, Glimcher saw synergy potential. "Not having to repair a balance sheet and a port- folio all at once is an easier task," said CEO Michael Glimcher in a pub- lished statement. "The new company will benefit from a broader range of tenants and property types. There's probably not a retailer that we won't be doing business with." WP Glimcher will be using its fi- nancial strength to buy investment- grade properties, Ordan says. "I think we have some very well-located assets that need some TLC," he said. "Tenants should know that they're at the top of the food chain in my company. I'll do whatever I can to make them successful." SCT 56 S C T / F e b r u a r y 2 0 1 5 "He's great at putting together a long-term turnaround strategy for the company while also focusing on short-term restructuring and the balance sheet." SCT in your pocket Download it now from your app store! w w w . i c s c . o r g /s c t m o b i l e / i n d e x . h t m l