AmeriVest plans to substantially refurbish the buildings, install state-of-the-art telecommunication systems and find tenants needing less than 3,000 sf.The anticipated gain of about $2.4 million on the sale of the self-storage properties will be deferred as a result of the 1031, tax-free exchange purchase of the office buildings. AMV also received a maximum $3 million from its public offering of 600,000 shares of common stock and 300,000 five-year warrants to purchase the stock at an exercise price of $5 per share.
AMV owns 22 office properties. Most of its properties serve tenants that range in size from 2,500 sf to 3,000 sf.
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