Illinois Group Buys Lakewood Mall For $30.25 Million

Core Acquisitions and Midloch Investment Partners purchased Lamar Station Plaza in Lakewood for $30.25 million. The 271,632-square-foot center is located at 6431 W. Colfax Ave. and is currently 76% occupied.

Broad Street Realty Inc. sold the property. The company acquired the site in 2014 for $8 million. The new owners secured financing from Old National Bank for the transaction.

Andy Sinclair, CEO of Midloch Investment Partners, stated in a news release that the center has not received the care it deserves. He said Core’s hands-on approach will help realize the property’s full potential. Adam D. Firsel, managing principal of Core Acquisitions, noted the high excitement level regarding the famous tourist attraction anchoring the site.

The buyers plan immediate physical improvements. These include façade and signage upgrades, roof replacements, and better parking lot and landscaping maintenance. The companies aim to attract new tenants and fill vacant spaces with these changes. Cushman & Wakefield will handle landlord leasing, while a Core affiliate will manage the property.

The shopping center houses national retailers such as Ross Dress for Less, Planet Fitness, Dollar Tree, Dutch Bros, and ARC Thrift Stores. It also contains local restaurants, service providers, and specialty tenants.

The anchor tenant is Casa Bonita, a 52,000-square-foot restaurant owned by Trey Parker and Matt Stone. The South Park creators bought the business out of bankruptcy in 2021. They invested a reported $40 million in renovations before reopening the venue in 2023.

The restaurant features 1,100 seats and serves more than 650,000 visitors annually. A 30-foot waterfall allows divers to jump into a pool every 20 minutes. Guests can also watch puppet and magic shows. Core Acquisitions also owns Aurora City Square, a 140,000-square-foot center in Aurora that is nearly fully leased.