American Spectrum Realty Announces $2 Million Gain on Sale of Houston Shopping Center
14 Gennaio 2014 - 3:10PM
Business Wire
American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate
investment, management and leasing company – today announced that
it would record a $2 million gain in the first quarter of 2014 on a
real estate sale in Houston, TX.
American Spectrum acquired the distressed shopping center,
Windrose Center Place, in 2007 when it was purchased at a discount
to the cost of construction from the original lender. The Company
spent approximately one year to complete the construction. There
were no leasing agreements in place at the time of acquisition.
The Company originally acquired the property for approximately
$3.8 million and sold it for $5.75 million. The Company also
eliminated approximately $4.05 million in secured debt as well as
$780,000 in other American Spectrum liabilities. The 28,715 square
foot retail center was aggressively leased up from zero to 100%
occupied when sold by American Spectrum. The property tenant base
is 75% medical related with long-term leases.
“These results are based on dynamic marketing and creative
leasing strategies that our team used to produce significantly
increased value,” according to William J. Carden.
American Spectrum’s sale of this asset is consistent with its
long-term strategy of selling certain assets to reduce liabilities,
increase liquidity and redirect its focus on more profitable
endeavors. The Company intends to continue the diversification of
its assets through acquisition and disposition of real estate.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, retail,
multi-family properties and undeveloped land throughout the United
States. American Spectrum Management Group, Inc., a wholly-owned
subsidiary of the Company, manages and leases all properties owned
by American Spectrum Realty, Inc. as well as for third-party
clients totaling 10 million square feet in multiple states.
Website: www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
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,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.Elisa Grainger,
CFO949-825-6409egrainger@americanspectrum.com
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