What Continent has the pacific ocean to the west the Atlantic ocean to the North and east and was colinezed by the European nations at the same time that northe America was?

The continent you are describing is South America. It is bordered by the Pacific Ocean to the west and the Atlantic Ocean to the north and east. European colonization of South America began in the late 15th century, around the same time as North America, with Spain and Portugal being the primary colonial powers in the region.