Lutherans believe, teach, and confess the Real Presence of Christ's Body and Blood in the Sacrament. See my post 46.
Do Lutherans subscribe to the concept of Transubstantiation, the Thomist concept of Accidents, or something else? I had understood that Luther subscribed to Consubstantiation, or to Sacramental Union - I have heard both at different times.
Not snarking -- I really want to know and have never gotten the details since I was never a Lutheran (although I like Mr. Bach's music very, very much!)
Only a Catholic priest can consecrate the Eucharist and preside over the transubstantiation. "Communion" is therefore not possible at a Protestant church service.