The Lakewood Shopping Center as it appears in 2017. (Photo by Danny Fulgencio.)
A Maryland investor has purchased a large section of the Lakewood Shopping Center, according to a Friday news release.
First Washington Realty, a national real estate investment and management company, purchased the iconic retail hub from Stockdale Investment Group. Stockdale acquired the property from developer Lincoln Property Co. in 2017.
A Stockdale spokesperson did not immediately return a request for comment.
First Washington will improve the necessary infrastructure over time and take care of deferred maintenance, said Wright Sigmund, senior vice president and national director of leasing for First Washington.
“We take a long view of our investments and plan to maintain Lakewood Shopping Center to high standards,” he said in an email. “Our goal is to build on the great legacy of the property and create an enduring gathering place for the residents of Lakewood.”
The terms of the sale were not disclosed.
The 65,000-square-foot shopping center on Gaston Avenue and Abrams Road sits across the street from the Lakewood Country Club. First Washington called the property a rare walkable destination that serves as the beloved hub of the community — one of Dallas’ most vibrant with terrific schools and strong retail demand.
Investor Leo Corrigan built the Lakewood Shopping Center in 1925, and it was primarily family owned before Lincoln Property bought it in 2011. The developer remodeled many of the buildings. Today, it is anchored by a CVS Pharmacy and contains many restaurants, such as Kozy Kitchen, Snowbaby and Liberty Burger.
First Washington Realty is based in Bethesda, Maryland, and has offices in Dallas, Kansas City and San Diego. It owns more than 100 retail centers, including the Lake Highlands Town Center, in 22 states.
