Lake Tapps-area shopping center purchased in 2022 is back on market
AI-generated summary reviewed by our newsroom.
- EDENS lists Lakeland Town Center in Auburn for undisclosed price.
- Lakeland remains fully leased and anchored by Haggen Northwest Fresh.
- Lakeland is EDENS’ last remaining property in Washington state.
The second of two shopping centers purchased by a Washington, D.C.-based retail real estate owner/developer in 2022 is back on the market.
EDENS has listed its Lakeland Town Center, 1402 Lake Tapps Parkway S.E., Auburn, for an undisclosed price. Commercial real estate firm JLL is marketing the site.
The News Tribune in 2022 reported on EDENS’ purchase of the shopping center along with Tacoma’s Westgate North Shopping Center.
The two sites were part of a buying sweep of eight West Coast retail centers for EDENS at the time.
Lakeland is anchored by a Haggen Northwest Fresh grocery store, and the center is fully leased, according to the Lakeland Town Center sales flyer.
The flyer notes that the Auburn-Lake Tapps-area shopping center “serves one of the most affluent suburban communities in the region, with the average household income exceeding $183,000 within a one-mile radius and projected to surpass $191,000 by 2030.”
The online marketing also touts the site as “the primary daily-needs destination for the Lakeland Hills and Lake Tapps marketplace.”
EDENS acquired the Auburn shopping center for $65.7 million, according to Pierce County records. Seven parcels of Westgate North, 2601 N. Pearl St. in Tacoma, were purchased by EDENS in 2022 for just over $38 million and sold last year for $37 million.
Westgate North was on the market for about a year before the sale of the parcels. That shopping center is shadow-anchored by Safeway, which was not part of the sale.
The Lakeland site is the last remaining EDENS-owned property in the state. The company’s portfolio includes more than 100 open-air retail and mixed-use centers nationwide. In January, EDENS acquired the Gateway Shopping Center in Austin, Texas for an undisclosed price.
