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LONGVIEW, WA-Inland Real Estate Acquisitions is acquiring the 253,850-sf Triangle Shopping Center here for $39.85 million, or $157.57 per sf. The property is located two miles west of Interstate 5 near the center of the city. The seller was a joint venture of POB Montgomery & Co. and Kimco Realty.

POB and Kimco acquired the property in September 2003 from a partnership led by local businessman Dick Winters. At that time, it was a partially enclosed mall struggling from the loss of key anchor tenants.POB and Kimco eventually tore down everything but the Rite Aid building. Two-and-a-half years later, Triangle Shopping Center is a brand new open-air mall with 70% new construction and 10-year leases on all anchor tenants.

The center is 98% leased, but because of ongoing construction it is only 80% occupied. Anchors include Ross, Bed Bath & Beyond, Michaels, Petco, Rite-Aid, Blockbuster and Ace Hardware. Other retailers include Starbucks, Lane Bryant, Washington Mutual, Radio Shack and AT&T Wireless. A 92,000-sf Winco Foods that is still under construction will be a ghost anchor for the property.

Paul Sleeth and Reynolds Haas, senior vice presidents with the Seattle office of Colliers International, had the disposition assignment and procured the buyers through a traditional offering process.

"The offering was well received, attracting interest from the institutional, REIT, TIC and private capital markets," Haas tells GlobeSt.com. "We had several very qualified buyers; Inland offered a very compelling price that we agreed to and they performed well."

The buyer paid $36.1 million of the total price in December. The remaining $3.75 million will close in March, when certain things on the development side are completed, says Haas.

Instant Insights /

POB, Kimco Sell Southwest Washington Mall for $40M

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