Federal Way’s Center Plaza shopping center was sold for $14.2 million on Friday to an undisclosed buyer.

The 74,000-square-foot land is home to three strip mall buildings, which include businesses Subway, Total Vape and Elegant Nails and Foot Massage, among others. Starbucks and Red Lobster were also included in the purchase, however, the land Taco Time sits on was not.

Commercial real estate brokerage firm Capital Pacific facilitated the purchase of parcels 2006-2032 on South 320th Street in Federal Way.

“The property was fully marketed to a wide audience of institutional investors, private capital and hands-on value investors,” said Sean Tufts, the managing partner of Capital Pacific’s Seattle office, in a news release. “Center Plaza generated significant interest and numerous offers. There is a significant lack of available retail product on the market in the Puget Sound, specifically for properties with the ability to add value.”

Center Plaza is across the street from The Commons mall and just south of Town Square Park.

According to Capital Pacific, the retail center is strategically positioned to benefit from the city’s investment in their push for density.

“This is good news for Federal Way,” Federal Way Mayor Jim Ferrell said. “This proves already that our strategic commitment and investments in our downtown core, through the Performing Arts and Events Center, Town Square Park and the former Target location, are paying dividends in terms of interest and investment. This was illustrated by the numerous offers and significant interest in the property. We look forward to working with the new owners for both the short-term and long-term plans for their property. I believe this is just the beginning of the kinds of exciting investments we will see in our city.”

The city of Federal Way’s Town Center project has plans to revitalize Federal Way’s downtown core through construction of a redesigned city park, a Performing Arts and Events Center and several retail, office, and civic uses on multiple stories.

“Center Plaza offered a unique opportunity due to the changes going on in the immediate area within the city of Federal Way, as well as its location across from The Commons,” said Kevin Adatto, a partner of Capital Pacific. “This acquisition targeted both developers and cash flow investors looking for an attractive long-term investment.”

Tufts said the real estate firm is bound to a strict confidentiality agreement in that they could not disclose who the buyer is, only that it is a private Puget Sound investor.

But Ferrell said if the buyer is who the he thinks it is, the short-term plan is focused on making Center Plaza better.

Ferrell said Center Plaza is key downtown property in that it provides for connectivity to the city’s future development.

“I think people very soon are going to see the transformation of our downtown,” Ferrell said. “… The new Federal Way is right around the corner.”

According to King County property records, Cratsenberg Properties, LLC was the previous owner for Center Plaza, Cratsenberg Properties LLC was the owner of the property Starbucks is located on, and Retman Sam  with Darden Restaurants out of Florida was the taxpayer and property owner of the land Red Lobster sits on.

The owners of Center Plaza owed nearly $70,000 in taxes to be paid by November of this year.

Cratsenberg Properties, LLC and Cratsenberg Enterprises, LLC made headlines in 2009 when owner Andrew C. Cratsenberg’s wife of four years faced first-degree theft charges for stealing part of the then-86-year-old’s fortune.

According to charging documents, Andrew Cratsenberg had been showing signs of dementia for years when he had an unexpected wedding. In a matter of months, his new wife withdrew hundreds of thousands of dollars. His wife, Juliana Cratsenberg, was found guilty in December 2013 and sentenced a month later.

The land Cratsenberg Properties, LLC owned was also involved in controversy in 2008 when the property owner sued former business Cafe Arizona for eviction. The night club was allegedly a hub for criminal activity, which included shootings, a rape and other disorderly conduct.