Purchase gives WFC second shopping center in Washington
WASHINGTON, D.C. – April 25, 2013 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased the Lakewood Colonial Center, a 114,691-square-foot retail center in Lakewood, giving the company its second shopping center in the state. The transaction was purchased REO from a local bank and was closed in under two weeks.
“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. The Pacific Northwest continues to remain a highly competitive investment market with high barriers to entry and a stable retail environment,” said Westwood Financial Corp. Executive VP Joe Dykstra. “WFC intends to add value by remodeling the property while maximizing returns through leasing efforts to re-tenant the vacant big box grocery store and stabilize the rent roll. We have several users in mind to target for the re-leasing of the former QFC market space however will consider alternative uses as the market dictates.”
Located at 9400 Gravelly Lake Drive and 9310 Bridgeport Way, 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 with an adjacent16,000 square feet of inline shops. Two pad buildings facing Bridgeport Way include US Bank building and the other is comprised of three suites, one of which is vacant (1,519 square feet) and the other two suites occupied by FedEx Office and a Multicare Medical Clinic. 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.
The property is located on the intersection of Bridgeport Way and Gravelly Lakes Road , two main arterials with high daily traffic counts of 40,000 vehicles per day, and is less than ½ mile from the Lakewood Towne Center retail market and 3 miles from Joint Base Lewis McChord. WFC also owns the 46,727-square-foot Westgate Shopping Center in Tacoma, Wash.