American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company, headquartered in Houston, Texas announced that Steven M. Speier, Director of Receivership, Bankruptcy and Litigation Services for American Spectrum Realty Management, LLC (“ASRM”), was appointed Receiver for three shopping centers. ASRM is a wholly owned subsidiary of The Company’s Operating Partnership. Mr. Speier in turn appointed ASRM to manage the assets.
The three retail properties are located in central California and range in size from approximately 22,000 square feet to over 100,000 square feet of gross leaseable area.
Mr. Speier has been appointed as a California State Court Receiver on over four hundred properties and operating businesses, including office buildings, retail centers, condominium and apartment complexes, hotels/motels, industrial parks, resorts, golf courses, restaurants, and residential properties. He is also currently serving as Receiver in various operating businesses and real estate cases as well as a Chapter 7 and 11 Trustee on numerous bankruptcy cases.
ASRM offers one-stop shopping by providing all Receivership/Bankruptcy, Management and Disposition services in-house. Our experienced professionals have the resources necessary to seize assets quickly, improve operations, and minimize loss by promptly liquidating the assets. To learn more about ASRM’s receivership services, please visit www.asrmanagement.com/receiverships-bankruptcy.About American Spectrum Realty, Inc. American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self storage, retail properties, and apartments throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC is a wholly-owned subsidiary of the Company’s operating partnership that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients. ASRM provides first-class management and leasing services for over 110 office, industrial, retail, self-storage, and multi-family properties, totaling over 12 million square feet in 18 states. For more information, visit www.asrmanagement.com or call 888-315-ASRM. 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.