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%.
The real estate investment trust is paying $4 million in cash and has a new loan of $9.5 million. The loan has a floating rate equal to the bank's money market rate plus 250basis points (4.77% for the first year). The loan matures on Dec. 21, 2004.
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