Intercontinental Real Estate Corporation has purchased Lakeland Town Center, a grocery-anchored retail center in Auburn, Washington, for $69.5 million. The Boston-based investor acquired the 125,233-square-foot property as part of its ongoing push into grocery-anchored retail assets.
Lakeland Town Center is located within the Lakeland Hills area of Auburn and is described as being at the commercial heart of the community. The center was built in 2002 and spans a 12.61-acre site, providing a sizable footprint for neighborhood-serving retail in a dense residential trade area.
The property is 100% leased and anchored by regional grocer Haggen Northwest Fresh. The presence of a full-service grocer underpins the center’s positioning as a daily-needs retail destination for nearby residents. In addition to the anchor, the center includes a mix of pad and inline retail space that rounds out the tenant lineup and supports cross-shopping within the project.
Parking is provided via 704 surface spaces, supporting both the grocery anchor and the accompanying retail tenants. The combination of a strong anchor, full occupancy, and ample parking contributes to the center’s role as a key retail hub within its trade area.
The asset was marketed for sale by JLL Capital Markets. The JLL team of Geoff Tranchina, Gleb Lvovich, Dan Tyner, and Tess Berghoff handled marketing efforts on behalf of the seller, bringing the institutional buyer to the transaction. The seller was not disclosed.
Intercontinental leadership characterized Lakeland Town Center as a dominant daily-needs destination in a captive, high-income trade area, supported by a top-performing grocery anchor and one of the tightest retail submarkets in the Seattle metro. The company framed the acquisition as aligned with its strategy of targeting well-located, grocery-anchored retail properties backed by strong demand fundamentals.
The purchase adds a fully leased, grocery-anchored center in a constrained submarket to Intercontinental’s portfolio. With its established operating history, stable occupancy, and positioning within a high-income trade area, Lakeland Town Center represents a continuation of institutional interest in necessity-based retail in select markets.
