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State Land Board pays $15.9M for Golden office/retail building

Clear Creek Square
Clear Creek Square is surrounded by restaurants, shops and recreation amenities.

The Colorado State Land Board bought one of the largest and newest privately owned office buildings in Golden for $15.9 million, or $202.17 per square foot.

Clear Creek Square, located at 600-650 12thSt. in downtown Golden, is a 78,647-sf multitenant building that includes ground-floor retail space. Los Angeles-based Karlin Golden LLC, a Karlin Real Estate affiliate that bought the property in 2011, was the seller.

“Clear Creek Square is among the highest-quality office properties in all of Golden with Class A features, an irreplaceable location downtown, surrounded by amenities, and a strong tenant roster with minimal near-term rollover,” said Campbell Davis of CBRE Capital Markets. Davis represented the seller with James Brady and Blake Harris, also of CBRE.

Equian, an Indianapolis-based payment integrity solutions company, anchors the building, occupying the third floor and the majority of the second floor on a long-term lease. There are four other office tenants, including The Regis Co. and International Cash Distributor.

Retail tenants include Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles Brewery. The building was 95 percent occupied at the time of the sale.

“The acquisition of Clear Creek Square supports the strategic diversification of our commercial real estate portfolio with a best-in-submarket boutique asset that is well-suited for future income and price appreciation,” said Matt LaFontaine, acquisition and disposition manager for the Colorado State Land Board. “This building will help our agency fulfill its mission of funding Colorado’s K-12 schoolchildren.”

Clear Creek Square is located at the corner of 12thand Ford streets, near the main entrance to the Coors Brewery and across the street from the downtown post office. It’s within a block of Washington Avenue, Golden’s main street, with numerous restaurants and shops, as well as two city parks, Clear Creek and the Clear Creek bike/pedestrian trail.

The building was built in 2002. It has showers and lockers, and free covered parking.

“Golden is a sought-after destination for many companies as they continue to chase talent in today’s low-unemployment environment,” said Harris. “Employees love that Golden offers small-town charm with close proximity to the mountains while maintaining convenient access to downtown Denver and DIA.

“The local office sector also benefits from being minutes away from major academic institutions like the Colorado School of Mines. With limited new office construction in and around Golden, Clear Creek Square is well-positioned for long-term occupancy,” Harris said.

CBRE will continue to serve as leasing adviser for the property.

The Colorado State Land Board was created in 1876 to manage land given to the state by the federal government. The state’s second-largest landowner, it is charged with managing assets to produce income for public schools and institutions.

Featured in CREJ’s April 3-16, 2019, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…