GOLDEN — Clear Creek Square, a mixed-use office and retail building located at 600-650 12th Street in downtown Golden, has sold for $15.9 million.
Campbell Davis, James Brady and Blake Harris with CBRE represented the seller, Karlin Golden, LLC of Los Angeles. The Colorado State Land Board, an agency that leases trust lands for the benefit of public schools, purchased the 78,647-square-foot property in an off-market sale that closed Feb. 28, 2019.
“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, CBRE Capital Markets.
Built in 2002, Clear Creek Square is primarily comprised of office space with approximately 11 percent of the square footage dedicated to retail on the ground floor. The multi-tenant building is home to five office users, including anchor tenant Equian, The Regis Company and Institutional Cash Distributor. Retail tenants include Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles. The building was 95 percent occupied at the time of 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 situated for future income and price appreciation. This building will help our agency fulfill its mission of funding Colorado’s K-12 school children,” said Matt LaFontaine, Acquisition and Disposition manager, Colorado State Land Board.
Karlin Real Estate originally purchased Clear Creek Square in 2011. The Class A building includes free covered parking as well as on-site showers and lockers for tenant use. The property is located at the corner of 12th Street and Ford Street in downtown Golden, surrounded by dining and shopping and steps from Vanover Park and the Clear Creek recreational trail.
“Golden is a sought-after destination for many companies as they continue to chase talent in today’s low-unemployment environment. 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,” added Blake Harris, first vice president, CBRE.
Photo courtesy of CBRE