American Spectrum Realty, Inc. (NYSE MKT:AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that its subsidiary, American Spectrum Management Group, Inc. (“ASMG”), has been awarded the management and leasing of two existing self-storage facilities in Pineville and Ball, Louisiana.
The management assignments came on the heels of an ownership change for a two property portfolio consisting of 612 units total comprising 76,110 rentable square feet. One of the A-SAFE Mini Storage facilities is located off Highway 165 at 2549 Monroe Highway in Pineville, Louisiana while the second facility is located approximately two miles north at 4905 Monroe Highway in Ball, Louisiana. Each facility includes amenities such as an on-site leasing office, secured access, video-surveillance (with a total of 40 cameras), climate controlled units, drive-up units, two way intercom system, exterior lighting, wide driveway and moving supplies.
Darren Kelley, Asset Manager for ASMG’s National Self-Storage Division, competed against many other management companies for the assignment but feels that ASMG’s commitment to producing measured results is what ultimately impressed the new ownership. “Our model is all about taking properties like A-SAFE Mini Storage and implementing a proven strategy to reduce expenses, improve revenue, and increase the properties’ value for the owner,” says Kelley. Through cost-efficient branding, aggressive marketing strategies, and streamlined operations, ASMG is able to bring significant cost savings and increased revenue to third-party clients.
Matt and Karen Drennan of Drennan Equity Pineville are the new owners of the A-SAFE Mini Storage portfolio. “We are very confident in our decision of hiring ASMG to manage our properties. We recognized their results-driven approach and see a unique opportunity through our strategic partnership to optimize the properties’ potential,” says Mr. Drennan.ASMG’s self-storage portfolio now consists of over 10,000 units in excess of 1.6 million square feet in multiple states. Most of the facilities operate under the 1st American Storage ® brand, which is a registered trademark of American Spectrum Realty, Inc. 1st American Storage ® is a brand that represents value, integrity, and customer service within the industry. For more information on our National Self-Storage Division, visit www.1stAmericanStorage.com. 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV