Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased the Lakewood Colonial Center.
“The property is uniquely located on one of the most heavily trafficked intersections in Lakewood and has a strong synergy with the highly successful Lakewood Town Center,” said Westwood executive VP Joe Dykstra.
The 114,691-square-foot retail center, at the intersection of Bridgeport Way and Gravelly Lakes Road, is the company's second shopping center in the state. WFC also owns the Westgate Shopping Center in Tacoma.
The center is comprised of a 75,000-square-foot North Block and a 40,000-square-foot East Block over 13.73 acres. The North parcel, currently 90-percent vacant, consists of a former 53,000-square-foot QFC Supermarket, which vacated in 2011, and an adjacent16,000 square feet of inline shops. Two pad buildings facing Bridgeport Way include a US Bank building and of three suites, one of which is vacant. The East parcel, currently 75 percent occupied, consists of 40,000 square feet anchored by a 10,500-square-foot Autozone, a freestanding 5,000-square-foot credit union, and a 300-square-foot drive-through espresso stand.