Lakewood, Colorado. Rouler Advisors, through an affiliate, has acquired the Westgate Centre a 108,897 square-foot mixed-used center located at 3225-3265 S. Wadsworth Boulevard, Lakewood, Colorado, 80227. The seller was Avatar Westgate LP, a special purpose company that originally acquired the property in late 2014.
“We’re excited about acquiring Westgate Centre. We see great opportunities in redeveloping this property for the benefit of the entire Lakewood community.”
—Kirk Cypel, Managing Director, Rouler Advisors
Rouler Advisors also controls the Mission Trace Center, comprising the retail and office properties adjoining the Westgate Centre to the south. With the combined properties, Rouler has assembled over 16 acres of prime commercial property along Wadsworth Boulevard featuring traffic counts exceeding 50,000 VPD, great visibility and access. In the next few months, Rouler will implement several upgrades including a new parking lot, landscaping, lighting, and other improvements.
Rouler is also planning a more comprehensive redevelopment to harmonize Westgate with the recently redeveloped Mission Trace Center. A Rouler affiliate acquired the Mission Trace properties in 2013-2014 and has since upgraded and repositioned these properties through multimillion-dollar investments. These properties have kept nearly full occupancies over the past ten years, despite COVID.
“With the improvements to Mission Trace now substantially complete, this acquisition presents a significant long-term redevelopment opportunity along Wadsworth Boulevard with great access to surrounding communities.”
—Vick Soffer, Managing Director, Rouler Advisors