Lake Tapps-area shopping center anchored by Haggen gains new owner
An area shopping center has sold months after hitting the market.
Lakeland Town Center, 1404-1416 Lake Tapps Parkway SE in the Lake Tapps area, sold for $69.5 million in a transaction recorded July 9 in Pierce County. The seller was an LLC affiliated with Washington, D.C.-based EDENS, a real estate owner/developer entity, who’d purchased the center in 2022 for $65.7 million.
The center is anchored by a Haggen Northwest Fresh grocery and includes a mix of restaurants and other retail. It has an assessed value of $48.93 million.
EDENS’ purchase at the time was part of an investment sweep of eight West Coast retail centers, including Tacoma’s Westgate North Shopping Center (which it sold last year).
The buyer this time was listed as an LLC affiliated with U.S. Real Estate Investment Fund, REIT, the primary investment entity for Intercontinental Real Estate of Boston.
Intercontinental’s U.S. portfolio includes residential/commercial properties nationwide, including several apartment sites in King and Snohomish counties.
Representatives did not immediately respond to a request for comment Monday on the acquisition.
The News Tribune reported in March that Lakeland Town Center was back on the market as the last of EDENS’ Washington retail properties.
Previous reporting by The News Tribune contributed to this report.
