AmeriVest Acquiring Sheridan Realty Advisors

DENVER-The board of Denver-based AmeriVest Properties Inc., a real estate investment trust which owns 22 office properties serving small to mid-sized tenants, has decided to acquire the property management and administration operations from its outside advisor, Sheridan Realty Advisors, LLC, effective Tuesday. Under the terms of its existing agreement with Sheridan, AmeriVest will exercise its right to purchase the management and advisory business from Sheridan for the sum of $100 plus the book value of the furniture, fixtures and equipment at December 31.

Since the value of the furnishing and equipment is about $50,000, the purchase price would be approximately $50,100.

Sheridan will continue as an outside advisor to the company in connection with capital markets and real estate acquisitions.