Lakewood Shopping Center Anchored by Casa Bonita Sells for $30.25 Million

Lamar Station Plaza, a Lakewood shopping center anchored by the Casa Bonita Mexican restaurant, has been sold for $30.25 million to two Illinois-based firms, Core Acquisitions and Midloch Investment Partners.

The center sits at 6431 W. Colfax Ave. and covers 271,632 square feet. It is 76% occupied. Tenants include national names such as Ross Dress for Less, Planet Fitness, Dollar Tree, Dutch Bros and ARC Thrift Stores, along with a mix of local restaurant, service and specialty businesses.

The seller was real estate company Broad Street Realty Inc., which bought the property in 2014 for $8 million.

The buyers announced the deal in a news release on Wednesday. Andy Sinclair, CEO and principal of Midloch Investment Partners, said his firm was pleased to invest alongside Core Acquisitions. "The center, which is at the heart of the community, has not received the love and care it deserves," he said, adding that Core's hands-on approach to operations and asset management would help the property reach its full potential.

Planned improvements include façade and signage upgrades, roof replacements, and parking lot and landscaping work. Sweeping and maintenance services will also increase. The companies said the upgrades are meant to attract tenants and fill vacant spaces.

An affiliate of Core will manage the property, and Cushman & Wakefield will handle landlord leasing. Cushman & Wakefield also brokered the sale. The buyers secured a new mortgage loan from Old National Bank.

Adam D. Firsel, managing principal of Core Acquisitions, pointed to the restaurant as a key draw. He described it as "a famous tourist attraction that has been returned to glory by new owners who are themselves world-famous."

Casa Bonita is owned by Trey Parker and Matt Stone, the creators of the television show "South Park." They bought the restaurant out of bankruptcy in 2021 and reportedly invested $40 million in renovations. It reopened to the public in 2023.

The 52,000-square-foot restaurant has 1,100 seats and draws more than 650,000 visits a year. It features a 30-foot waterfall where divers jump into a pool every 20 minutes, as well as puppet and magic shows and performers who interact with guests.

Core Acquisitions is a commercial real estate firm based in Deerfield, Illinois. According to its website, it owns Aurora City Square, a 140,000-square-foot shopping center that is nearly fully leased. Midloch Investment Partners is a Chicago-based real estate investment firm, fund manager and operator that invests in multifamily, industrial and commercial properties.