Updated Aug 28, 2026
Simon CRE Acquires Island Plaza Retail Center In Oak Harbor For $12 Million From Carl Freund Trust
31565 State Route 20
$12,000,000
$130/SF
Building Size
92,112 SF
Asset Type
Retail
Closing
Aug 3, 2026
About this deal
AI
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.
On the Map
$12,000,000
$130/SF
Retail
View full map
Players
Oak Harbor Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Browse Oak Harbor retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93