American Spectrum Realty, Inc. (NYSE AMEX: AQQ) (“The Company”), a real estate investment, management and leasing company headquartered in Houston, Texas is pleased to announce the completed sale of three buildings, which have been pending for several months.
The cash proceeds enabled The Company to reduce its corporate bank debt by approximately $2 million, thus freeing up additional borrowing capabilities from its primary lender. American Spectrum used the proceeds to reduce their accounts payable by approximately $1 million.
The Company also procured a $2 million loan secured by various company assets. The loan will be used to further reduce corporate debt and for general working capital. These sales continue to implement American Spectrum Realty’s long term strategic plan of selling certain assets to reduce liabilities, increase liquidity and redirect assets to our third-party property management business.
American Spectrum acquired the two Park Ten buildings in May of 2002. Park Ten I and II are 73,210 SF and 68,599 SF multi-tenant office buildings located at 16350 and 16360 Park Ten. The third property sold was a 101,056 SF industrial property located at 9630 Clarewood Drive. All three buildings closed on March 30, 2012.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 93 office, industrial, retail, self-storage, and multi-family properties, totaling over 11 million square feet in 18 states. 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.