Search
 

$17M Transfers Southwest Gas Building

PHOENIX-AmeriVest Properties makes its second metro Phoenix buy in less than two years, gaining control of a 97%-occupied, 147,660-sf office building in the northwest submarket. The LA police and fire departments' pension fund is the seller.

By Beverly Ford | Updated on February 09, 2003

PHOENIX-In its second Phoenix acquisition in less than two years, AmeriVest Properties Inc. has taken over ownership of the Southwest Gas Building in a $17-million deal that gave the new owners an eight-story, 147,660-sf structure on 7.4 acres.

“It was a very significant step for us to have a second property in Phoenix,” John Greenman, vice president of acquisitions for AmeriVest tells GlobeSt.com. “It’s good quality real estate.”

The 97%-occupied building is located in northwest Phoenix in the Grove at Black Canyon business park. In October 2001, AmeriVest bought the 96,076-sf Arrowhead Fountains Center, a fully leased building at 16150 N. Arrowhead Fountains Center in the suburb of Peoria. Greenman said the Denver-based firm, which invests in buildings that house small to medium-size tenants, plans to continue acquiring properties in the Phoenix market.

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.