AmeriVest Takes 9.6% Stake in Sheridan Investments

DENVER-Denver-based AmeriVest Properties Inc. has purchased a 9.639% preferred limited liability company membership interest in Sheridan Investments, LLC, which owns Sheridan Plaza at Inverness, an 118,000-sf office building along Denver’s southeast corridor.

Sheridan Plaza, completed in 1999, is fully leased. The total purchase price for the interest is $658,918, payable in the form of 131,784 shares of AmeriVest common stock and 65,892 warrants to purchase AmeriVest common stock at $5 per share through July 10, 2005. The interest was purchased from Sheridan Realty Partners, LP, an affiliate of certain AmeriVest officers and directors.