{"id":1004128746,"date":"2015-10-05T09:11:23","date_gmt":"2015-10-05T17:11:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=362380"},"modified":"2020-04-13T00:08:32","modified_gmt":"2020-04-13T08:08:32","slug":"starwood-buys-big-in-denver-metro","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-buys-big-in-denver-metro\/","title":{"rendered":"Starwood Buys Big in Denver Metro"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"Downtown<\/a><\/p>\n

Downtown Belmar Residential<\/em><\/p>\n<\/div>\n

Starwood Capital Group<\/a> of Connecticut recently acquired a mixed-use lifestyle center in Lakewood, Colo., through its Starwood Global Opportunity Fund X. Though terms of the deal were not disclosed, the Denver Business Journal<\/a> reports that the price tag for the asset was close to $300 million, making it one of the largest commercial transactions this year.<\/p>\n

Starwood acquired the 1.1 million-square-foot Belmar<\/a> mixed-use lifestyle center located roughly ten miles of downtown Denver, from GF Properties Group LLC<\/a>\u2014a subsidiary of the Southern Ute Indian Tribe. Belmar serves as the town center for Lakewood, Colo. and the greater West Denver area, and incorporates a mix of retail, office, and multifamily components. According to the Denver Business Journal, the deal was brokered by Tim Richey, Mike Winn and Brad Lyons of CBRE Group Inc.<\/p>\n

\u201cWe 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,\u201d David Baker, vice president at Starwood, said in a statement. \u201cBelmar is well-positioned to benefit from this trend, given its walkable, urban-style, amenity-rich environment, as well as its close proximity to Denver\u2019s central business district and recreation areas in the Rocky Mountains.\u201d<\/p>\n

The Belmar open-air center includes 871,000 square feet of retail space, 96 percent of which are leased to tenants such as Whole Foods, Dick\u2019s Sporting Goods, Best Buy, and Nordstrom Rack. The center\u2019s retail component also includes a 16-screen Century Theatre.<\/p>\n

Belmar also incorporates 282,000 square feet of\u00a0fully leased Class A office space, as well as 171 Class A residential units. The lifestyle center will now be managed by Starwood Retail Partners<\/a>, a Starwood affiliate established in 2012. Belmar will be the 30th<\/sup> property and sixth lifestyle center in Starwood Retail Partners\u2019 portfolio.<\/p>\n

Image courtesy of Yardi Matrix<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A mixed-use asset in the Denver MSA has landed itself a new owner.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21742],"tags":[682],"class_list":["post-1004128746","post","type-post","status-publish","format-standard","hentry","category-denver","category-latest","tag-news"],"acf":[],"yoast_head":"\nStarwood Buys Big in Denver Metro - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-buys-big-in-denver-metro\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Buys Big in Denver Metro\" \/>\n<meta property=\"og:description\" content=\"A mixed-use asset in the Denver MSA has landed itself a new owner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/starwood-buys-big-in-denver-metro\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-05T17:11:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-13T08:08:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/10\/6351.jpg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/starwood-buys-big-in-denver-metro\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/starwood-buys-big-in-denver-metro\/\",\"name\":\"Starwood Buys Big in Denver Metro - 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