Boston-based Intercontinental Real Estate Corp. announced today that it has acquired Lakeland Town Center, a 125,233-square-foot grocery-anchored retail center in Auburn, for $69.5 million.
Built in 2002, Lakeland Town Center is situated on a 12.61-acre site in the Lakeland Hills master-planned community, according to an Intercontinental news release, adding that the center serves about 52,000 households with an average household income exceeding $183,000. The retail property, supported by 704 parking spaces, also benefits from frontage along Lake Tapps Parkway East, with more than 16,000 vehicles passing the property daily.
Lakeland Center is 100% leased and is anchored by Haggen Northwest Fresh, a regional grocer and subsidiary of Albertsons Cos., and the only full-service grocer serving the Lakeland Hills and Lake Tapps area, the release said. Other property tenants include 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, Edward Jones, McDonald’s, Wells Fargo, UPS Store, Orangetheory Fitness, and Club Pilates…