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AmeriVest to Pay $22 Mil for Office Complex

DENVER-The REIT specializing in office buildings that cater to small- and mid-sized tenants agrees to purchase two office buildings in the 118,000-sf Sheridan Plaza at Inverness, subject to shareholder approval at its annual meeting.

By John Rebchook | Updated on May 01, 2001

DENVER-AmeriVest Properties Inc., a real estate investment trust that specializes in owning and operating office buildings that cater to small- and mid-sized tenants, is about to add a Class-A office complex here to its portfolio. Amerivest signed an agreement to purchase two office buildings in the 118,000-sf Sheridan Plaza at Inverness in the Inverness Business Park along Denver’s southeast corridor.

The total purchase price of the buildings is $22 million, plus cash balances, receivables and deferred financing costs less mortgage debt and other liabilities for a net equity value of $6.9 million.

Closing of the transaction is subject to shareholder approval at AmeriVest’s annual meeting to be held later this year.

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