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 inconnection with capital markets and real estate acquisitions.

|

Sheridan Realty Advisors, LLC has managed AmeriVest propertiessince January 2000. Effective Jan. 1, most of Sheridan's 24employees will become employees of AmeriVest and will manageday-to-day operations of the company.

|

AmeriVest will no longer pay administrative, property managementand accounting fees to Sheridan as of December 31.

|

Sheridan will continue to advise AmeriVest with respect tocapital market activities, real estate acquisitions anddispositions and major capital projects and will continue toreceive a capital project fee and advisory fee based on the valueof all real property acquired or developed by AmeriVest during theterm of the agreement.

|

"We are pleased that AmeriVest has grown to a size that enablesit to bring property management, accounting and administrativefunctions in house," says William Atkins, chief executive officerof AmeriVest. "We recognize that most analysts and institutionalinvestors prefer self-managed REITs. We are now large enough toabsorb operating overhead within the company and expect that thischange will be perceived positively by our shareholders and theinvestment community."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.