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DENVER-Stockholders of AmeriVest Properties Inc. have voted to approve issuing more than 1 million new shares of the company to purchase two multi-tenant office buildings in Denver from Sheridan Investments LLC. The total purchase price of the buildings is about $22 million cash, plus cash balances, receivables and deferred financing costs, less mortgage debt of about $15 million.

That leaves a net equity value of about $6.2 million.

The purchase is payable by the redemption of AmeriVest’s current 9.63% interest in Sheridan Investments, $458,030 in cash and the issuance of the shares at a price of $5.55 per share.

Executive officers of AmeriVest are affiliated with the seller.

AmeriVest Properties owns 22 office properties. It is the only real estate investment trust in the country that focuses exclusively on serving only small- and medium-sized tenants.

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