Simon CRE Acquires Island Plaza Retail Center In Oak Harbor For $12 Million From Carl Freund Trust

Simon CRE has acquired a retail asset located at 31565 State Route 20 in Oak Harbor, WA. The property encompasses 4.35 acres and features a total square footage of 92,112. The sale was finalized for $12,000,000, resulting in a price per square foot of $130.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $12,000,000
• Buyer: Simon CRE
• Seller: Carl Freund Trust
• Square Footage: 92,112
• Acreage: 4.35
• Price per Square Foot: $130
• Market: Oak Harbor, WA

SimonCRE plans to redevelop the property after securing a lease with a national soft goods retailer for 23,666 square feet. This acquisition is part of their strategy to expand their retail portfolio in the Pacific Northwest.