The 16-story building with structured parking was built in 1987, and offers views of the entire Phoenix skyline and includes such on-site amenities a Bank of America branch and a freestanding restaurant.

Financial Plaza is currently leased to 43 tenants, with an average tenant size of 5,800 sf, which includes one tenant occupying 50,393 sf. Excluding this tenant, an insurance company occupying the three top floors, the average tenant size falls to 4,700 sf.

Financial Plaza is being purchased at a first year capitalization rate in excess of 8%. The purchase price of $125 per sf is being paid by assuming the existing five-year fixed rate mortgage of $24.75 million, which carries an interest rate of 5.25% per annum, and the balance in cash.

Financial Plaza marks AmeriVest's third purchase in the Phoenix area, says William Atkins, the chairman and CEO of the REIT. "It is rare to have an opportunity to acquire a building of this quality at a price substantially below replacement cost with significant upside potential," Atkins says. "We think this building will transition nicely to become one of the preeminent buildings for small- and medium- size tenants in the Southeast Valley sub market…The Mesa location complements our existing Arrowhead Fountains building in Peoria and our Southwest Gas building in Metrocenter."