American Spectrum Realty, Inc. Announces the Potential Sale of Four Office Buildings
May 23 2012 - 8:55AM
Business Wire
American Spectrum Realty, Inc. (NYSE AMEX:AQQ) (“The Company”),
a real estate investment, management and leasing company
headquartered in Houston, Texas is under contract to sell four (4)
office buildings in Houston, Texas. The four buildings are
contiguous and encompass approximately 11 acres of land. The sale
is expected to be completed in the Company's 3rd quarter of
2012.
The Buyer is a large residential developer who is headquartered
in Houston, Texas.
American Spectrum Realty also has a back-up offer from another
large apartment developer for basically the same price, terms and
conditions. Both buyers plan to demolish the buildings and develop
the 11 acres into residential apartment projects in the near
term.
The gross purchase price is approximately $26M with debt of
approximately $18M. There is no assurance that either buyer will
perform as there are several due diligence items to be completed by
the buyer.
These sales will allow American Spectrum Realty to implement its
long term strategic plan of selling certain assets to reduce our
liabilities, increase our liquidity, and redirect capital to our
core business. These sales will generate sufficient cash to pay
down debt and reinvest the remaining capital. The Company makes no
assurances that these sales will be concluded.
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.
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