Exhibit 99.1
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PRESS RELEASE
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1800 Glenarm Place Contact: Alexander Hewitt, Vice-President
Suite 500 Telephone: (303) 297-1800
Denver, CO 80202 Fax: (303) 296-7353
AmeriVest Properties
Sells Self-Storage Properties, Acquires
Denver Office Complex and
Obtains $3 Million Equity Financing
September 6, 2000/Denver, CO - AmeriVest Properties Inc. (AMEX: AMV) today
announced the sale of its four self-storage properties to an affiliate of Extra
Space Development, LLC, a national operator of self storage facilities, for
$8,400,000.
The Company also announced the acquisition of three office buildings
located at 1777, 1780 and 1805 South Bellaire Street in Denver, Colorado for
$9,600,000. The acquired buildings total 140,673 square feet and are
approximately 89% leased. AmeriVest plans to substantially refurbish the
buildings' common areas and tenant spaces, install a state-of-the-art
telecommunications backbone and reposition the buildings for lease to tenants in
its target market with an average tenant size under 3,000 square feet.
AmeriVest has reinvested, as a tax-free exchange, its proceeds from the
sale of its self-storage properties, together with additional equity and bank
financing, to purchase the office buildings. The anticipated gain of
approximately $2,400,000 on the sale of the self-storage properties will be
deferred as a result of the tax-free exchange.
The Company also announced that it has received the maximum $3,000,000 from
its public offering of 600,000 shares of common stock and 300,000 five-year
warrants to purchase common stock at an exercise price of $5 per share.
AmeriVest Properties Inc., with its principal office in Denver, Colorado
owns 22 office properties and is a property-type specific REIT focusing on
office buildings with average tenant size of approximately 2,500 - 3,000 square
feet in selected markets. Its common stock is listed on The American Stock
Exchange under the symbol "AMV".
Certain matters discussed in this release are forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Such risks and uncertainties are
disclosed in the Company's past and current filings with the U.S. Securities And
Exchange Commission. They include, but are not limited to, the risks and
uncertainties that proforma financial information will not be indicative of
future results and of locating and acquiring properties on favorable terms to
the Company.
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