AmeriVest Sells Three Office Assets to Koll-PERSI JV

DENVER-AmeriVest Properties Inc., a locally headquartered REIT that is liquidating its portfolio, has sold three buildings totaling 347,994 sf for $46 million. Two of the buildings are in the Denver region and the other is in Phoenix. The new owner is Koll/PER LLC, a joint venture of Newport Beach, CA-based Koll Co. and the Public Employee Retirement System of Idaho.

The Denver-area office properties involved in the transaction are the 140,290-sf Sheridan Center (80% occupied) in Denver and the 111,741-sf Kellogg Building (100% occupied) in Littleton. The Phoenix-area property is the 96,203-sf Arrowhead Fountains office building (96% occupied) in Peoria. The individual per-sf acquisition prices were $76, $150 and $192, respectively. Koll managing principal Alan Airth says the management and leasing of all three properties will be outsourced.

This is the seventh closing under AmeriVest’s July 2006 purchase and sale agreement with Koll/PER, which calls for Koll/PER to acquire 1.74 million sf in 17 buildings in 12 properties in Arizona, Colorado and Texas for $273 million. Three of the 12 properties have yet to change hands. AmeriVest says a final closing will be scheduled as loan assumption approval is received from its mortgage lender.