The building has 41 tenants. Amenities include covered parking,common area conference rooms, and an exercise facility with lockerrooms, showers and whirlpool. The building also provides views ofthe mountains to the west andhas direct access to the HighlineCanal walking and bike trail.
AmeriVest is buying the building at a first-year cap rate inexcess of 10%.
The real estate investment trust is paying $4 million in cashand has a new loan of $9.5 million. The loan has a floating rateequal 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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