DENVER-Locally based AmeriVest Properties Inc. has completed two back-to-back real estate deals – selling a self-storage complex and buying three Denver office buildings.The REIT has sold four self-storage properties to an affiliate of Waltham, MA.-based Extra Space Development LLC, for $8.4 million. Meanwhile, it has paid $9.6 million for three office buildings at 1777, 1780 and 1805 S. Bellaire St., near South Colorado Blvd. and Interstate 25. The complex totals 140,673 sf and is 89% leased.

AmeriVest plans to substantially refurbish the buildings, install state-of-the-art telecommunication systems and find tenants needing less than 3,000 sf.The anticipated gain of about $2.4 million on the sale of the self-storage properties will be deferred as a result of the 1031, tax-free exchange purchase of the office buildings. AMV also received a maximum $3 million from its public offering of 600,000 shares of common stock and 300,000 five-year warrants to purchase the stock at an exercise price of $5 per share.

AMV owns 22 office properties. Most of its properties serve tenants that range in size from 2,500 sf to 3,000 sf.

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