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.