Lakewood’s Belmar mixed-used development has changed hands for more than $250 million, a deal that is reportedly one of the largest commercial transactions this year.
Starwood Capital Group, a Greenwich, Conn.-based private investment firm, acquired the 103-acre property from GF Properties Group, a Durango-based subsidiary of the Southern Ute Indian Tribe that has owned it since 2006.
Belmar is the 30th property and sixth lifestyle center to be managed by Starwood Capital’s Starwood Retail Partners division. Starwood also is the money behind the in Denver’s Union Station neighborhood.
Eleven-year-old , combining high-density residential and retail, near South Wadsworth Boulevard and West Alameda Avenue, a key Lakewood intersection. Today, the development includes about 1.1 million square feet of retail, office and multifamily residential space.
As much as 35 acres remains available for development, including surface parking lots, deputy city manager Nanette Neelan said.
She said about half the planned residential units have been constructed and about 45 percent of the potential commercial development is complete.
Starwood’s investment, she said, will add to the vibrancy of the area. “We’re just seeing it as a continuation of the good work that is out there.”
Starwood Retail CEO Scott Wolstein said in a statement that the company plans to lure new tenants that complement the existing retail mix, while also appealing to evolving consumer tastes. “Our ultimate goal is to enhance the property’s position as the central gathering place for the community.”
Financial terms were not disclosed, nor were they immediately available via public records, however sources close to the transaction put the price tag at “north of $250 million.”
CBRE brokers and represented GF Properties in the deal.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
