Intercontinental Real Estate Corporation has acquired Lakeland Town Center, a 125,233-square-foot grocery-anchored retail center located in the Seattle/Tacoma suburb of Auburn, Wash., for $69.5 million.
Built in 2002, Lakeland Town Center is situated on a 12.61-acre site at the commercial heart of Lakeland Hills, a master-planned community 25 miles south of downtown Seattle.
The property, which consists of both pad and inline retail supported by 704 parking spaces, also benefits from frontage along Lake Tapps Parkway E. with more than 16,000 vehicles passing each day.
Lakeland Center is 100 percent leased and is anchored by Haggen Northwest Fresh, a regional grocer. The property’s tenant roster also includes Subway, Hops N Drops, Rock Wood Fired Pizza, Puerto Vallarta Mexican, Sushi Konami, Ichi Teriyaki, Legendary Doughnuts, Nekter Juice Bar, and Menchie’s, Pacific Cataract and Laser Institute, Gentle Dental and Orthodontics, Outpatient Physical Therapy, Ed
