Lakewood Square FOR SALE


Lakewood, WA - Lakeview Tacoma
$8,690,000 USD
206-747-4338
, Lakewood, WA for Sale
$8,690,000 USD
FOR SALE
1/11
null | 7.88% Cap Rate

Lakewood Square
Lakewood, WA
Lakeview Tacoma


HIGHLIGHTS

  • Goodwill recently executed a new 10-year lease extension after more than 20 years at the property.
  • Multiple tenant leases include annual rent increases of 3% or greater.
  • Located at a signalized intersection with access from two public streets.
  • Adjacent to Lakewood Towne Center, a major retail and civic destination.
  • Diversified tenant mix includes retail, dining, wellness, and service operators.
  • Opportunity to increase income through lease-up of currently vacant space.

OVERVIEW

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.

ASK ABOUT THIS PROPERTY

David GellnerKidder MathewsMore Info
206-747-4338

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David GellnerKidder MathewsMore Info
206-747-4338

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.