Tacoma shopping center part of West Coast sweep of acquisitions by out-of-state investor
Story has been updated with Lakeland Town Center purchase price.
A Tacoma shopping center and another one in Auburn were part of a recent announced bundle of acquisitions by an out-of-state retail real estate investment firm.
Westgate North Shopping Center, 2601 N. Pearl St., and Lakeland Town Center, 1404-1416 Lake Tapps Parkway E., in Auburn near Lake Tapps were announced as part of an eight-shopping center purchase on the West Coast by EDENS, a national retail real estate owner, operator and developer based in Washington, D.C.
Six of the shopping centers, all grocery-anchored, are in California.
The Tacoma and Auburn properties were owned by entities representing real estate investment trust company Donahue Schriber of Costa Mesa, California.
Westgate, anchored by Safeway, sold for just over $38 million in the sale recorded March 31. Lakeland, anchored by Haggen, sold for $65.75 million, in its sale recorded April 5.
Lakeland last sold in March 2015 for $51.75 million.
Donahue Schriber added two buildings to the Westgate property in 2017, after purchasing site parcels at the end of 2014 for $15.8 million.
On April 5, First Washington Realty of Bethesda, Maryland, announced its acquisition of Donahue Schriber.
Jami Passer, chief investment officer for EDENS, told The News Tribune via email in response to questions that “Westgate North and Lakeland Town Center are open-air, grocery-anchored shopping centers that are primed for EDENS’ approach to placemaking.”
“Each with their own distinct communities, Westgate is prominently located … and Lakeland is nicely situated in a captive market near Lake Tapps,” Passer said. “Combined, these centers encompass nearly 270,000 square feet of retail, restaurants and services.”
Passer added that “Enriching community is at the core of our ethos. … We design each of our properties to achieve meaningful weekly trips and dwell time that drive human engagement and a sense of community.”
Passer, in an earlier statement announcing the acquisition, noted that “Our West Coast expansion is a pivotal milestone for EDENS and the next step toward building a pipeline of future opportunities.”
This story was originally published April 4, 2022 at 2:37 PM.
