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$69M Deal Completes AmeriVest Liquidation

DENVER-The REIT, which is being liquidated, completes its $273-million, 1.74-million-sf deal with a JV led by the Koll Co. by closing on the disposition of three properties in Denver, Dallas and Phoenix.

By Brian K. Miller | Updated on November 29, 2006

DENVER-With the sale of three properties for about $69 million, locally based AmeriVest Properties Inc. has completed the liquidation of its entire real estate portfolio. The final sale also completed its $273-million, 1.74-million-sf portfolio sale to Koll/PER LLC, a joint venture of the Koll Co. of Newport Beach and the Public Employee Retirement System of Idaho.

The final transaction included the 187,660-sf, 86% occupied Centerra office building in Denver; the 89% occupied, 151,879-sf Parkway Centre II office building in Dallas; and, the 94% occupied, 145,696-sf Southwest Gas office building in Phoenix. The sale prices were $24.67 million, $24.86 million and $19.2 million, respectively.

Koll/PER’s overall acquisition from AmeriVest included 12 office buildings in Denver, Phoenix and Dallas. The Dallas portfolio included five buildings totaling 775,347 sf, the Phoenix portfolio included four buildings totaling 524,853 sf and the Denver portfolio included three buildings totaling 439,772 sf. Prior to this final transaction, the most recent closing occurred in early November.

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