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UPDATE: AmeriVest Takes Liquidation Plan to Shareholders

DENVER-The real estate investment trust that catered exclusively to small- and medium-sized tenants solidifies a date to "consider and vote upon the plan of liquidation and dissolution of our company." If approved, the company may sell its remaining assets in a single transaction, a series of related transactions or several distinct transactions.

By John Rebchook | Updated on April 19, 2006

(To read more on the debt and equity markets, click here.)

DENVER-AmeriVest Properties Inc. plans to hold its 2006 annual meeting on May 24, according to a recent Securities and Exchange Commission filing obtained by GlobeSt.com. The main purpose of the meeting, to be held in a law office, is to “consider and vote upon the plan of liquidation and dissolution of our company,” states the document.

GlobeSt.com earlier reported that AmeriVest, a pioneer real estate investment trust that catered exclusively to small- and medium-sized tenants, planned to liquidate. The company lacked the critical mass needed to compete and didn’t have the resources to buy more buildings in today’s low-cap environment. Also, many large REITs, which in the past had focused in large companies increasingly began catering to a smaller tenant. Even the Sarbanes-Oxley reporting requirements had proved to be costly for the company.

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