Featured in Puget Sound Business Journal on July 30, 2026.

Scottsdale, Arizona-based investor SimonCRE has acquired a Haggen-anchored retail center in Oak Harbor, expanding its growing portfolio in the Puget Sound region.

SimonCRE purchased the 92,110-square-foot Island Plaza for $12 million, the company announced Thursday. The seller is the Carl Freund Trust, which had owned the property since 1980. The 4.35-acre site has an assessed value of $4.8 million, according to Island County records.

“What we look for is the chance to create new, meaningful value for the real estate and the local community it serves, and Island Plaza presented that exact kind of opportunity,” SimonCRE founder and CEO Joshua Simon told the Business Journal in an email. “This is the exact type of redevelopment project that our team is built for, with a proven track record, having executed close to a thousand deals."

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