Auburn’s Lakeland Town Center Sells for $69.5M
Jul 15, 2026, 11:23 AM
South Sound Business
Originally published on South Sound Business.
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.
Intercontinental Real Estate — an SEC registered investment adviser working in real-estate investment, finance, development, construction management, and asset management — managed a real-estate portfolio of approximately $12.25 billion for its clients as of June 30.
Its website reported 148 properties in its portfolio as of Dec. 31, including eight properties in greater Seattle featuring a mix of apartments, office, and retail.
Intercontinental plans a capital program to replace roofs as needed and to do as-needed upgrades as tenants roll over, alongside a leasing strategy centered on preserving and strengthening the center’s daily-needs mix of tenants, it said in its release, adding that it intends to maintain the balance of dining, fitness, medical, and neighborhood services.
“Lakeland Town Center is the 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,” Jessica Levin, managing director of West Coast and associate chief information officer at Intercontinental, said in the release. “With retail vacancy in East Pierce County at 2.4% and effectively no new supply under construction, we believe the property is positioned to deliver durable cash flow over the long term.”
Ross Karetsky, associate director-acquisitions at Intercontinental, added, “Lakeland Town Center’s consistently strong occupancy over the last 10-plus years speaks to how well this location serves its community. Our goal is to continue curating a mix of restaurants, fitness, medical, and neighborhood service tenants that keep local residents coming back.”
Geoff Tranchina, Gleb Lvovich, Dan Tyner, and Tess Berghoff with JLL Capital Markets marketed the property on behalf of the seller, the release said.
