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Retail Center Sells for $69.5M
14 Jul
Summary
- Lakeland Town Center sold for $69.5 million on July 9.
- The center is anchored by Haggen Northwest Fresh grocery.
- Intercontinental Real Estate of Boston acquired the property.
The Lakeland Town Center, located at 1404-1416 Lake Tapps Parkway SE, has a new owner after selling for $69.5 million. This transaction was officially recorded in Pierce County on July 9.
The seller was an entity associated with EDENS, a real estate owner and developer based in Washington, D.C. EDENS had originally purchased the shopping center in 2022 for $65.7 million.
The Lakeland Town Center features a Haggen Northwest Fresh grocery store as its anchor tenant, complemented by a variety of restaurants and other retail establishments. Its current assessed value stands at $48.93 million.
The acquiring entity is an LLC connected to U.S. Real Estate Investment Fund, REIT. This fund serves as the main investment vehicle for Intercontinental Real Estate, which is headquartered in Boston. Intercontinental's national portfolio includes both residential and commercial properties.
This sale concluded EDENS' ownership of retail properties in Washington state, with Lakeland Town Center being their final asset in the region.
