SOURCE: Cushman & Wakefield | Commerce

Cushman & Wakefield | Commerce

February 25, 2013 11:00 ET

Cushman & Wakefield | Commerce Launches Efforts to Revitalize Lakewood, Wash. City Center

SEATTLE, WA--(Marketwire - Feb 25, 2013) - Cushman & Wakefield | Commerce recently initiated efforts to market the Lakewood Colonial Center located at 9400 Gravelly Lake Drive, Lakewood, Washington (former site of the QFC supermarket). Cushman & Wakefield | Commerce is marketing the Center on behalf of a major regional bank and expects to sell the property by the end of March 2013.

The Colonial Center is located in the heart of Lakewood. Improving the city center is a top City priority, so Cushman & Wakefield | Commerce approached the City about supporting the project. The City understands the Colonial Center, once a focal point for the community, requires a degree of capital investment after years of deferred maintenance. The key to returning the Center to its former prominence lies in securing a strong anchor tenant after the sale is finalized.

The firm will also manage the leasing. Inger Johnson, Retail Associate at Cushman & Wakefield | Commerce said, "We are excited about the leasing efforts to date with strong interest from anchor tenants looking for 40k SF of space, which is hard to find in today's neighborhood centers."

For its part, the City of Lakewood welcomes this opportunity and has agreed to help the new buyer in the following ways:

  • Work with the new buyer to identify potential funding sources to subsidize renovations
  • Provide expedited permitting for the new construction and repairs needed
  • Have the new buyer work with public relations firm (Frause) to maximize exposure for the property and new tenants
  • Use of the Buxton data base to help locate and secure new businesses to the Center
  • Provide the most recent JBLM reports on demographics and positive impacts of the base and other surrounding communities
  • Increase way-finding signage along highly trafficked arterials

Lakewood Deputy Mayor Jason Whalen has been a strong advocate for a revitalized city center. He remarked, "We are excited about this opportunity for Lakewood. Both the City and Cushman & Wakefield | Commerce are confident that it is just a matter of time before the Colonial Center reclaims its historical prominence as an anchor of commerce for Lakewood and beyond."

About Cushman & Wakefield |Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.

About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

Contact Information

  • Lakewood City Contact
    Ellie Chambers
    253-983-7834

    Cushman & Wakefield | Commerce Seattle Contacts
    Gary Danklefsen
    206-521-0270
    Or
    Steve Brunette
    206-521-0289

    Media Contact
    Tim Rush
    Springboard5
    801-208-1100
    Email Contact
    www.springboard5.com