Intercontinental Real Estate Corporation Acquires Retail Center Near Seattle WA for $69.5 Million

BOSTON - Rezul -- Intercontinental Real Estate Corporation ("Intercontinental") has acquired Lakeland Town Center ("Lakeland" or the "Property"), a 125,233-square-foot grocery-anchored retail center located in the Seattle/Tacoma suburb of Auburn, Washington for $69.5 million.

Built in 2002, Lakeland Town Center is situated on a 12.61-acre site at the commercial heart of Lakeland Hills, an affluent master-planned community 25 miles south of downtown Seattle. The center serves a trade area of approximately 52,000 households with an average household income exceeding $183,000. This affluent demographic generates substantial disposable income, directly supporting the center's strong and vibrant retail environment.

The Property, which consists of both pad and inline retail supported by 704 parking spaces, also benefits from frontage along Lake Tapps Pkwy. E. with more than 16,000 vehicles passing the property each day.

Lakeland Center is 100% leased and is anchored by Haggen Northwest Fresh, a premium regional grocer (a subsidiary of Albertsons/Safeway) and the only full-service grocer serving the Lakeland Hills and Lake Tapps trade area. The Property's tenant roster pairs the Haggen anchor with a deep bench of restaurants and essential local services including 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.

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Intercontinental plans to execute a targeted capital program focused on roof lifecycle replacement and as-needed upgrades as tenants rollover, alongside a leasing strategy centered on preserving and strengthening the center's daily-needs tenant mix. Intercontinental intends to maintain that balance of dining, fitness, medical, and neighborhood services so that Lakeland Hills and Lake Tapps residents continue to have their everyday amenities within walking and short driving distance of home.

"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," said Jessica Levin, Managing Director, West Coast and Associate CIO at Intercontinental. "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."

"This acquisition reflects our focus on well-located, grocery-anchored retail with strong demand fundamentals," added Ross Karetsky, Associate Director, Acquisitions at Intercontinental. "Lakeland Town Center's consistently strong occupancy over the last ten-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."

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Retail fundamentals in the East Pierce County submarket remain among the tightest in the region at 2.4% vacancy rate against a 3.0% ten-year average, with no space currently under construction and only 13,000 square feet proposed over the next eight quarters. The submarket's neighborhood center segment has seen no new deliveries since 2020.

Geoff Tranchina, Gleb Lvovich, Dan Tyner, and Tess Berghoff with JLL Capital Markets marketed the Property on behalf of the seller.

About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser* with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $18.62 billion in real estate property. As of June 30, 2026, Intercontinental manages a real estate portfolio of approximately $12.25 billion for its clients. Intercontinental investment strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information on Intercontinental please visit http://www.Intercontinental.net.

*Registration with the SEC does not imply a certain level of skill or training.