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 completed the sale of Beltway Industrial Park, which closed on October 4, 2012.
The Company expects to recognize a gain of approximately $5.5 million before income tax expense. The Company originally acquired the 23 building industrial park in 2007. Located in Northwest Houston off of Beltway 8 and West Little York, the 389,000 square foot property consisted of office/warehouse space primarily used by light industrial tenants.
The Company continues to hold a 48,000 SF service center plus an 11+ acre tract of land adjacent to Beltway Industrial Park that is currently being considered for development. For more information on either of these assets, please contact Ric Holland at 713-706-6200.
The Company’s sale of this asset is consistent with its long term strategy of selling certain assets to reduce liabilities, increase liquidity and redirect its assets to more profitable endeavors. The company intends to continue the diversification of its assets through acquisition and disposition of real estate opportunities.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, multi-family, and student housing properties throughout the United States. The company has been publicly traded since 2001. American Spectrum Management Group, Inc. is a subsidiary of American Spectrum Realty, Inc. and manages/leases all properties owned by the Company as well as a significant number of third-party clients. ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing, and multi-family properties, totaling over 11 million square feet in multiple states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776. 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.