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SimonCRE Acquires WA Retail Plaza for $12M, Plans Redevelopment
Scottsdale, Arizona-based investor SimonCRE has acquired Island Plaza, a 92,112-square-foot shopping center located in Oak Harbor on Whidbey Island, with plans for redevelopment.
SimonCRE has already signed a 23,666-square-foot lease with a national soft goods retailer for the center’s largest available space. Island Plaza currently has approximately 5,600 square feet of vacant space, along with a half-acre development pad. The seller is the Carl Freund Trust, which has owned the property since 1980. The 4.35-acre site has an assessed value of $4.8 million, reported the Puget Sound Business Journal.
Island Plaza comprises two multi-tenant buildings and a .50-acre pad site. Current tenants include Haggen, Jersey Mike’s Subs and Maurices, among others. The acquisition expands SimonCRE’s presence in the Pacific Northwest. The company is also redeveloping a property in Spanaway into a grocery-anchored retail center. SimonCRE purchased the 89,000-square-foot Spanaway Plaza from Goodwill Industries of Tacoma for $10 million in 2024.
