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Intercontinental Real Estate buys grocery-anchored center in Auburn for $69.5M
The 125,233-square-foot Lakeland Town Center is fully leased and anchored by Haggen Northwest Fresh.
Boston-based Intercontinental Real Estate Corporation has acquired Lakeland Town Center, a grocery-anchored retail property in Auburn, Washington, for $69.5 million, ConnectCRE reports.
The center totals 125,233 square feet and sits on a 12.61-acre site in the commercial core of the Lakeland Hills area. Built in 2002, it includes both pad and inline retail, with 704 parking spaces.
ConnectCRE says the property is 100% leased, anchored by regional grocer Haggen Northwest Fresh. JLL Capital Markets marketed the asset on behalf of the seller, and the deal team included Geoff Tranchina, Gleb Lvovich, Dan Tyner, and Tess Berghoff.
Intercontinental said in comments carried by ConnectCRE that it is focused on well-located, grocery-anchored retail with strong demand fundamentals, characterizing the location as a dominant daily-needs destination in a captive, high-income trade area.