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Kellogg Building Sells for $120 SF

DENVER-AmeriVest Properties Inc., the REIT that focuses on serving only small-to-medium-sized tenants, pays $13.55 million for the property in the Highline Professional Center.

By John Rebchook | Updated on December 28, 2001

DENVER-AmeriVest Properties Inc. has paid $13.55 million for the 112,738-sf Kellogg Building in the Highline Professional Center in the southwest suburban area near Highlands Ranch, the largest master-planned community in the metro area. The building is 96% leased. The Kellogg Building is an eight-story, multi-tenant building.

The building has 41 tenants. Amenities include covered parking, common area conference rooms, and an exercise facility with locker rooms, showers and whirlpool. The building also provides views of the mountains to the west andhas direct access to the Highline Canal walking and bike trail.

AmeriVest is buying the building at a first-year cap rate in excess of 10%.

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