American Realty Buys 84% Stake in Independence Plaza

DENVER-SVF Independence Plaza LLC, a fund managed by American Realty Advisors of Glendale, CA, paid $88 million for an 84% interest in Independence Plaza, a class-A building in Downtown. The seller was an affiliate of Denver-based Amstar Group Ltd., a national real estate that owns about $1 billion in commercial buildings.

“A majority partnership interest in Independence Plaza is an excellent addition to our existing portfolio of office properties,” says Greg Blomstrand, senior portfolio manager with American Realty Advisors, which has more than $1.5 billion in its portfolio. “We are very optimistic the Denver CBD leasing market will continue to gain strength and want to be in position with one of the truly quality office buildings when the market fully recovers.”

Completed in 1971, the 567,000-sf Independence Plaza is on a full city block between 16th and 17th streets and between Curtis and Arapahoe, is 25 stories tall and has heated parking for 691 cars. Amstar bought the building in October 1993 and upgraded the building during its ownership with new HVAC mechanical systems, elevator mechanics, common area upgrades and other tenant amenities.