Lakewood Square presents the opportunity to acquire a multi-tenant neighborhood shopping center portfolio located within Lakewood’s Central Business District. The property consists of five buildings situated on approximately 4.08 acres and is anchored by Goodwill, which has occupied the center since 2004 and executed a new 10-year lease extension in July 2024. The tenant roster includes a blend of retail, dining, service, wellness, and entertainment uses, creating diversified income streams supported by both national and local operators.
The center is positioned at a signalized intersection with access from Mt. Tacoma Drive SW and Lake Grove Street SW. Its location adjacent to Lakewood Towne Center places the asset within one of the area's most active commercial districts. Nearby retailers, civic uses, entertainment venues, and employment generators contribute to consistent consumer activity throughout the trade area. The property also benefits from proximity to Lakewood Transit Center, regional commuter rail access, and Joint Base Lewis-McChord, one of the largest military installations on the West Coast supporting more than 60,000 jobs and contributing nearly $3 billion annually to the regional economy.
Current occupancy is 89%, providing investors with near-term upside through lease-up of the remaining vacant space. Many leases include contractual annual rent escalations of 3% or greater, supporting future revenue growth. The combination of established tenancy, diversified income, embedded rent growth, and a location within a major commercial corridor positions Lakewood Square as an income-producing retail investment with value-add potential.