Denver’s AmeriVest Properties Inc. has completed the $31.3 million sale of an office building in Dallas, it said today.
Chateau Plaza, a 171,294-square-foot “class A” property in Dallas’ Uptown submarket, sold for $183 per square foot to a pension fund advisor that the company didn’t identify.
AmeriVest will receive a gain on the sale of $9 million. Cash proceeds from the sale of $29 million, after adjustments, will be used to repay debt under AmeriVest’s secured credit line.
AmeriVest purchases office buildings and leases them to small and mid-sized tenants. The company’s market capitalization of $100 million is small for its sector.
AmeriVest also confirmed that AmeriVest Plaza in Denver remains under contract and is expected to close later this month.
