Intercontinental Real Estate Corporation Acquires Retail Center In Auburn For $69.5M
1404 Lake Tapps Parkway Southeast & 1416 Lake Tapps Parkway Southeast
$69,500,000
$555/SF
Building Size
125,233 SF
Asset Type
Retail
Closing
Jul 15, 2026
AI
Intercontinental Real Estate Corporation acquired a grocery-anchored retail center located at 1404 Lake Tapps Parkway Southeast & 1416 Lake Tapps Parkway Southeast in Auburn, WA for $69.5 million. The center comprises 125,233 square feet, translating to a price per square foot of $555.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $69,500,000
- Buyer: Peter Palandjian - Intercontinental Real Estate Corporation
- Seller: Edens
- Broker: JLL
- Sale Price per Square Foot: $555
- Total Square Footage: 125,233
JLL Capital Markets facilitated the sale, representing the buyer and seller in the transaction. The acquisition highlights the strategic importance of grocery-anchored retail spaces in the current market context.
Players
Saint Clair Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93