AmeriVest Properties’ new chief executive is thinking big. Or at least bigger.
“We need to get larger,” Charles Knight said of the Denver real estate investment trust that specializes in acquiring office buildings and leasing them to small- and mid-sized tenants. “For us to continue, we have to have capital growth.”
Knight, 47, said one of his first priorities as CEO is to decide on a recapitalization strategy that could involve a merger, sale, or financing with equity or debt.
AmeriVest in November hired investment bank Bear, Stearns & Co. to explore “strategic alternatives.” Knight said he expects a report from the bank soon.
In the realm of real estate investment trusts, or REITs, AmeriVest’s market value of $118 million is relatively tiny. Many office REITs have market capitalizations of more than $1 billion.
Knight replaces William Atkins, who will remain chairman of the board.
“This is a succession plan that’s been in the works for years,” Knight said.
In Colorado, AmeriVest owns the Centerra building, 1873 S. Bellaire St., Denver; the Kellogg building, 26 W. Dry Creek Circle, Littleton; Panorama Falls Office Building, 9085 E. Mineral Circle, Centennial; Sheridan Center, 1777, 1780 and 1805 S. Bellaire Street, Denver; and AmeriVest Plaza at Inverness, 383 and 385 Inverness Parkway, Arapahoe County.
Staff writer Steve Raabe can be reached at 303-820-1948 or sraabe@denverpost.com.
