LAKEWOOD, WA—Westwood Financial Corp. has purchased the 114,691-sq.-ft. Lakewood Colonial Center. The Lakewood, Wash. shopping center transaction was closed in less than two weeks, being purchased REO from a local bank.

“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 Vice President Joe Dykstra, in a statement.

The shopping center is made up of two separate blocks – the nearly vacant, 75,000-sq.-ft. North Block and the 75 percent occupied, 40,000-sq.-ft. East Block. Current tenants include Autozone, FedEx and Multicare Medical Clinic. WFC plans to renovate the property to attract more tenants.

“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,” Dykstra said. “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.”

This purchase is the second retail acquisition WFC has made in Washington.