LAKEWOOD, CO—Starwood Capital Group says its Starwood Global Opportunity Fund X has acquired, through a controlled affiliate, Belmar—an open-air, mixed-use lifestyle center located in here. The terms of the transaction were not disclosed.

Located just 10 miles from downtown Denver and encompassing approximately 1.1 million square feet, Belmar serves as the town center for Lakewood and the greater West Denver area, offering a vibrant mix of shopping, dining, entertainment, housing and office space. The property includes the following components:

• Retail: 871,000 square feet of retail space that is 96% leased to a roster of high-quality tenants, including Whole Foods, Dick's Sporting Goods, Best Buy, Nordstrom Rack, 24-Hour Fitness and a 16-screen Century Theatre.

• Office: 282,000 square feet of class A office space that is 100% leased.

• Multifamily: 171 Class A apartments that are 97% leased.

Belmar will be managed by Starwood Retail Partners, which was established in 2012 to redevelop, lease, manage and operate the retail centers in Starwood Capital Group's portfolio. Belmar is the 30th property and sixth lifestyle center on Starwood Retail Partners' rapidly expanding platform.

"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."