Starwood Capital Group announced this week that, though a controlled affiliate, Starwood Global Opportunity Fund X purchased Belmar in Lakewood Colorado, an open-air mixed-use center just miles from Denver. Starwood did not disclose any details of the transaction, but did indicate in a press release that the property will be managed by Starwood Retail Partners, which was established in 2012 to handle the retail centers in Starwood Cap's portfolio. Sources familiar with the deal confirmed that the sale was around $300 million, which would make it the Denver area's largest real estate transaction by dollar amount in recent memory, according to a Denver Business Journal article.
"We are very pleased to be able to make an opportunistic investment in a high-quality, well-leased destination property that is at an inflection point in its lifecycle," said David Baker, Vice President at Starwood Capital Group. "We expect the immediate area to continue experiencing strong demand from younger professionals, with population growth within five miles of Belmar projected to expand by 10% over the next five years. Belmar is well-positioned to benefit from this trend, given its walkable, urban-style, amenity-rich environment, as well as its close proximity to Denver's central business district and recreation areas in the Rocky Mountains."
The 1.1 million square foot Belmar sits on the site of the former Villa Italia Mall and serves as the town center for Lakewood, providing service and office space easily accessible from all points west of Denver via Colfax and 6th Avenues. The property includes 871,000 square feet of retail space that is currently 96% leased to tenants including Whole Foods, Dick's Sporting Goods, Best Buy, Nordstrom Rack, 24-Hour Fitness and a 16-screen Century Theatre. Belmar also offers 282,000 square feet of office space, which was 100% leased at the time of sale, with an addition 171 Class A apartment units. Belmar was ranked the Denver area's 11th-largest shopping center in recent DBJ research.
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