EX-99.1
2
a06-18477_1ex99d1.htm
EX-99
Exhibit
99.1
NEWS
RELEASE
Contact:
Sheri Henry
Chief Financial Officer (ext. 132)
sherih@amvproperties.com
1780 South
Bellaire Street, Suite 100
Denver, CO 80222
Ph: (303) 297-1800
Fax: (303) 296-7353
Listed:
AMEX
Trading Symbol:
AMV
www.amvproperties.com
AMERIVEST
ANNOUNCES SALE OF GREENHILL PARK IN DALLAS
DENVER, CO, August 17, 2006-
AmeriVest Properties Inc. (AMEX: AMV), a
real estate investment trust serving small to medium size office tenants,
announced today that it completed the sale of its Greenhill Park office
building in Dallas, Texas. Greenhill
Park, a 248,249 square-foot Class A office property located in the Dallas
submarket of Addison, was sold for $29,800,000, or approximately $120 per
square foot, to Koll/PER, LLC (Koll/PER), a limited liability company owned by
The Koll Company of Newport Beach, California and the Public Employee
Retirement System of Idaho (PERSI). The
estimated cash proceeds of $28.4 million, after closing costs and adjustments,
will be available, subject to the expenses and other costs of the Company, for
distribution to shareholders under the plan of liquidation approved by its
shareholders. Detailed information
regarding this closing is included at the end of this press release. Greenhill Park is the first property to close
under the purchase and sale agreement dated July 17, 2006 with Koll/PER. Additional closings are anticipated to be
scheduled as loan assumption approvals are received from AmeriVest's mortgage
lenders and other traditional closing activities are completed. The Board of Directors of AmeriVest has not
established any dates for the payment of liquidating distributions. There can be no assurance with respect to the
timing or amount of any distribution or distributions to be made by AmeriVest,
or that any other closings will occur under the purchase and sale agreement or
otherwise.
Company
Information
AmeriVest Properties Inc., with its principal office in Denver,
Colorado, is a company in liquidation.
Prior to liquidation approval, AmeriVest provided
Smart Space for Small Business®
in Denver,
Phoenix, and Dallas, through the acquisition, repositioning and operation of
multi-tenant office buildings in those markets.
In May 2006, the Company's shareholders approved a plan of complete
liquidation. Further information about
AmeriVest is available at www.amvproperties.com.
The Koll Company, with its principal office in Newport Beach,
California, currently owns and manages approximately 2.5 million square feet of
existing multi-tenant, light industrial and suburban office space and has an
additional 1.1 million square feet under development or in the planning
stage. Further information on Koll is
available at www.koll.com.
The Public Employee Retirement System of Idaho (PERSI) is a $9 billion
public pension plan headquartered in Boise, Idaho. Their website is www.persi.state.id.us. PERSI is advised by Chadwick Saylor Capital
Management Inc., a registered investment advisor based in Los Angeles and
Atlanta. Their website is
www.chadwicksaylor.com.
In addition
to historical information, this press release contains forward-looking
statements and information under federal securities laws. These statements are based on expectations,
estimates and projections about the industry and markets in which AmeriVest
operates, management's beliefs and assumptions made by management. While AmeriVest management believes the
assumptions underlying its forward-looking statements and information are
reasonable, such information is necessarily subject to uncertainties and may
involve certain risks, many of which are difficult to predict and are beyond
management's control. As such, these
statements and information are not guarantees of future performance, and actual
results may differ materially from what is expressed or forecasted in this
press release. In particular, the
factors that could cause actual results to differ materially include, without
limitation, the uncertainties with closing any or all of the anticipated asset
sales, continued qualification as a real estate investment trust, the effects
of general and local economic and market conditions, competition, regulatory
changes, the ability to enter into new leases or renew leases on favorable
terms, dependence on tenants' financial condition, the uncertainties of real
estate development and acquisition activity, development and construction
costs, insurance risks, the costs and availability of financing, potential
liability relating to environmental matters and liquidity of real estate
investments and other risks and uncertainties detailed in AmeriVest's 2005
Annual Report on Form 10-K, AmeriVest's Proxy Statement for its 2006 annual
meeting and from time to time in the Company's filings with the Securities and
Exchange Commission.
Asset Sales Information
Greenhill
Park
Market
Dallas
RSF
248,249
Occupancy:%
leased
84
%
Closing date
8/17/2006
Contract
purchase price
$
29,800,000
Price per square
foot
$
120.04
Closing Costs and Adjustments
Contract purchase price
$
29,800,000
100
%
Sales Expenses
Commissions
(268,200
)
-0.9
%
Filing, title
and other fees
(5,905
)
0.0
%
Title insurance
(95,591
)
-0.3
%
Total sales expenses
(369,696
)
-1.2
%
Closing Prorations
Rent prorations
(159,671
)
-0.5
%
Accrued interest
(2,222
)
0.0
%
Transfer of
security deposits
(174,055
)
-0.6
%
Property taxes
payable
(322,723
)
-1.1
%
Other prorations
(49,808
)
-0.2
%
Capital repair
credit
(200,000
)
-0.7
%
Transfer of
tenant improvements to buyer
(167,000
)
-0.6
%
Total prorations
(1,075,479
)
-3.6
%
Total adjustments to
sale price
(1,445,175
)
-4.8
%
Net cash retained by seller
$
28,354,825
95.2
%

EX - 99 . 1 2 a06 - 18477 _ 1ex99d1 . htm EX - 99 Exhibit 99 . 1 NEWS RELEASE Contact : Sheri Henry Chief Financial Officer ( ext . 132 ) sherih@amvproperties.com 1780 South Bellaire Street , Suite 100 Denver , CO 80222 Ph : ( 303 ) 297 - 1800 Fax : ( 303 ) 296 - 7353 Listed : AMEX Trading Symbol : AMV www.amvproperties.com AMERIVEST ANNOUNCES SALE OF GREENHILL PARK IN DALLAS DENVER , CO , August 17 , 2006 - AmeriVest Properties Inc . ( AMEX : AMV ) , a real estate investment trust serving small to medium size office tenants , announced today that it completed the sale of its Greenhill Park office building in Dallas , Texas . Greenhill Park , a 248,249 square - foot Class A office property located in the Dallas submarket of Addison , was sold for $ 29,800,000 , or approximately $ 120 per square foot , to Koll / PER , LLC ( Koll / PER ) , a limited liability company owned by The Koll Company of Newport Beach , California and the Public Employee Retirement System of Idaho ( PERSI ) . The estimated cash proceeds of $ 28.4 million , after closing costs and adjustments , will be available , subject to the expenses and other costs of the Company , for distribution to shareholders under the plan of liquidation approved by its shareholders . Detailed information regarding this closing is included at the end of this press release . Greenhill Park is the first property to close under the purchase and sale agreement dated July 17 , 2006 with Koll / PER . Additional closings are anticipated to be scheduled as loan assumption approvals are received from AmeriVest 's mortgage lenders and other traditional closing activities are completed . The Board of Directors of AmeriVest has not established any dates for the payment of liquidating distributions . There can be no assurance with respect to the timing or amount of any distribution or distributions to be made by AmeriVest , or that any other closings will occur under the purchase and sale agreement or otherwise . Company Information AmeriVest Properties Inc . , with its principal office in Denver , Colorado , is a company in liquidation . Prior to liquidation approval , AmeriVest provided Smart Space for Small Business ® in Denver , Phoenix , and Dallas , through the acquisition , repositioning and operation of multi - tenant office buildings in those markets . In May 2006 , the Company 's shareholders approved a plan of complete liquidation . Further information about AmeriVest is available at www.amvproperties.com . The Koll Company , with its principal office in Newport Beach , California , currently owns and manages approximately 2.5 million square feet of existing multi - tenant , light industrial and suburban office space and has an additional 1.1 million square feet under development or in the planning stage . Further information on Koll is available at www.koll.com . The Public Employee Retirement System of Idaho ( PERSI ) is a $ 9 billion public pension plan headquartered in Boise , Idaho . Their website is www.persi.state.id.us . PERSI is advised by Chadwick Saylor Capital Management Inc . , a registered investment advisor based in Los Angeles and Atlanta . Their website is www.chadwicksaylor.com . In addition to historical information , this press release contains forward - looking statements and information under federal securities laws . These statements are based on expectations , estimates and projections about the industry and markets in which AmeriVest operates , management 's beliefs and assumptions made by management . While AmeriVest management believes the assumptions underlying its forward - looking statements and information are reasonable , such information is necessarily subject to uncertainties and may involve certain risks , many of which are difficult to predict and are beyond management 's control . As such , these statements and information are not guarantees of future performance , and actual results may differ materially from what is expressed or forecasted in this press release . In particular , the factors that could cause actual results to differ materially include , without limitation , the uncertainties with closing any or all of the anticipated asset sales , continued qualification as a real estate investment trust , the effects of general and local economic and market conditions , competition , regulatory changes , the ability to enter into new leases or renew leases on favorable terms , dependence on tenants ' financial condition , the uncertainties of real estate development and acquisition activity , development and construction costs , insurance risks , the costs and availability of financing , potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in AmeriVest 's 2005 Annual Report on Form 10 - K , AmeriVest 's Proxy Statement for its 2006 annual meeting and from time to time in the Company 's filings with the Securities and Exchange Commission . Asset Sales Information Greenhill Park Market Dallas RSF 248,249 Occupancy : % leased 84 % Closing date 8 / 17 / 2006 Contract purchase price $ 29,800,000 Price per square foot $ 120 . 04 Closing Costs and Adjustments Contract purchase price $ 29,800,000 100 % Sales Expenses Commissions ( 268,200 ) - 0 . 9 % Filing , title and other fees ( 5,905 ) 0 . 0 % Title insurance ( 95,591 ) - 0 . 3 % Total sales expenses ( 369,696 ) - 1 . 2 % Closing Prorations Rent prorations ( 159,671 ) - 0 . 5 % Accrued interest ( 2,222 ) 0 . 0 % Transfer of security deposits ( 174,055 ) - 0 . 6 % Property taxes payable ( 322,723 ) - 1 . 1 % Other prorations ( 49,808 ) - 0 . 2 % Capital repair credit ( 200,000 ) - 0 . 7 % Transfer of tenant improvements to buyer ( 167,000 ) - 0 . 6 % Total prorations ( 1,075,479 ) - 3 . 6 % Total adjustments to sale price ( 1,445,175 ) - 4 . 8 % Net cash retained by seller $ 28,354,825 95 . 2 %