Lakewood shopping center with Casa Bonita sells for $30.25 million

Lamar Station Plaza in Lakewood changed hands for $30.25 million this week.

The property at 6431 W. Colfax Ave. is anchored by the Casa Bonita Mexican restaurant. Core Acquisitions and Midloch Investment Partners are the new buyers. Both companies are based in Illinois.

Broad Street Realty Inc. sold the 271,632-square-foot center. The company bought the asset in 2014 for $8 million. The property is currently 76% occupied. Tenants include Ross Dress for Less, Planet Fitness, Dollar Tree, Dutch Bros, and ARC Thrift Stores.

Andy Sinclair, CEO of Midloch Investment Partners, said the center has not received enough care. He promised a hands-on approach to operations to reach the property's full potential. Adam D. Firsel, managing principal of Core Acquisitions, called the acquisition exciting. He noted that new owners have already restored the famous restaurant to glory.

The new owners plan to upgrade the building's façade and signage. They will replace roofs and improve parking lots and landscaping. Increased sweeping and maintenance services are also on the list. The companies said these upgrades aim to attract new tenants and fill empty spaces.

Casa Bonita is owned by Trey Parker and Matt Stone, the creators of South Park. They bought the restaurant out of bankruptcy in 2021 and reported spending $40 million on renovations. It reopened in 2023. The 52,000-square-foot space has 1,100 seats. It hosts more than 650,000 visits annually. A 30-foot waterfall features divers jumping into a pool every 20 minutes.

An affiliate of Core will manage the property. Cushman & Wakefield will handle leasing for the landlord. The same firm brokered the sale. The buyers secured a mortgage loan from Old National Bank. Core Acquisitions is based in Deerfield, Illinois, and owns the nearly fully leased Aurora City Square. Midloch is based in Chicago and invests in multifamily, industrial, and commercial properties.