Search
 

AMV Pushes Buy-One, Sell-One Tactic for Portfolio

DENVER-Denver-based AmeriVest Properties Inc. has completed two back-to-back

By John Rebchook | Updated on September 12, 2000

DENVER-Locally based AmeriVest Properties Inc. has completed two back-to-back real estate deals – selling a self-storage complex and buying three Denver office buildings.The REIT has sold four self-storage properties to an affiliate of Waltham, MA.-based Extra Space Development LLC, for $8.4 million. Meanwhile, it has paid $9.6 million for three office buildings at 1777, 1780 and 1805 S. Bellaire St., near South Colorado Blvd. and Interstate 25. The complex totals 140,673 sf and is 89% leased.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.