American Spectrum Realty, Inc. (AMEX:AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully entered into one-year extensions on the Company’s two mortgage loans with U.S. Bank. The two loans, each with principal balances of approximately $2.5 million, are individually secured by two of the Company’s Houston area properties; Northwest Spectrum Plaza and Windrose Plaza.
The Company recently increased the occupancy to 92% at Northwest Spectrum Plaza. Windrose Plaza, which was vacant when originally acquired, is currently 58% occupied. The Company is in current discussions with multiple tenants and anticipates the center to be fully leased prior to year end 2012. The Company anticipates securing long-term financing of both of these properties by the end of the year.
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 multi-family properties throughout the United States. The company has been publicly traded since 2001. American Spectrum Realty Management, LLC (“ASRM”) 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 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.