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POB, Kimco Sell Southwest Washington Mall for $40M

LONGVIEW, WA-A joint venture from POB Montgomery & Co. and Kimco Realty sell the 253,000-sf Triangle Shopping Center here to Inland Real Estate Acquisitions after a major redevelopment of the property.

By Brian K. Miller | Updated on January 04, 2006

LONGVIEW, WA-Inland Real Estate Acquisitions is acquiring the 253,850-sf Triangle Shopping Center here for $39.9 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.

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