AmeriVest president Charles Knight tells that asecond office building buy should close in December and a thirdproperty could go under contract by year's end. The Phoenix marketis high on AmeriVest's radar screen due to its fast growth andpopularity among small-size tenants, an AmeriVest targetaudience.

"We've been wanting to get into Phoenix for a long time," Knightsays. AmeriVest is eyeing properties classified class A and B.

AmeriVest says it bought Arrowhead Fountains at a first-year caprate of more than 10%. The deals calls for $3.4 million in cash andassumption of an existing $9.3-million mortgage at a floating rateof LIBOR plus 150 basis points. The mortgage matures Dec. 5, 2003.The acquisition represents the first transaction from the proceedsof an AmeriVest common stock offering completed in late July, saysWilliam Atkins, AmeriVest chairman and CEO.

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