Lakewood’s premier mixed-use shopping and dining area has been purchased by Bridge33 Capital, a Seattle-based real estate firm, in partnership with Waterfall Asset Management, for $113 million. The …
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Lakewood’s premier mixed-use shopping and dining area has been purchased by Bridge33 Capital, a Seattle-based real estate firm, in partnership with Waterfall Asset Management, for $113 million. The deal was reportedly completed on June 28.
Belmar, which spans several blocks near the intersection of Wadsworth Boulevard and Alameda Avenue, opened in 2004 on the site that used to be home to Villa Italia Mall.
Originally promoted as a live/work area to enliven the suburban landscape, the center has struggled in recent years. Previous owners, Starwood Capital Group, purchased the center in 2015 for nearly $300 million according to a Denver Business Journal article.
In a company press release, Jahan Moslehi, Managing Principal and Co-Founder of Bridge33, spoke about the purchase.
“We are extremely excited about the acquisition of Belmar, which is a transformational asset for our company,” he said. “We are determined to attract the most vibrant local and national restaurant, entertainment, and retail tenants to Belmar while adding additional daytime population through leasing office space. We are going to bring Belmar back.”
Jack Hechinger, VP of Acquisitions for Bridge33, said the city would also play a role in future success.
“Belmar is uniquely positioned to benefit from significant market tailwinds,” he said. “We will work closely with the City of Lakewood and the surrounding community to transform it into the premier mixed-use development west of downtown Denver. This is a major step forward in our efforts to build scale in the Denver MSA (metropolitan statistical area).”
Belmar, anchored by Whole Foods, Target, Dick’s Sporting Goods, Best Buy and Nordstrom Rack is also home to a 16-screen movie theater, numerous restaurants and a Hyatt House Hotel.
The sale did not include the Target or Hyatt House. Additionally, 171 apartment units in the center will continue to be owned by Starwood Capital Group.
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