HOUSTON--(BUSINESS WIRE)--American Spectrum Realty, Inc. (NYSE/MKT: AQQ) – a real estate investment, management and leasing company – today announced that it would record a $4 million gain in the second quarter of 2014 on a real estate sale in Houston, TX.
The asset consists of two office buildings, totaling 175,423 square feet, located near the intersection of Fountain View Drive and Westheimer Road near the Galleria area of Houston. American Spectrum has been responsible for the renovations and leasing since it acquired the buildings in December 2010.
“These results are based on creative leasing strategies that our team used to significantly increase value,” according to William J. Carden.
American Spectrum’s sale of this asset is consistent with its long-term strategy of selling certain assets to reduce liabilities, increase liquidity and redirect its focus on more profitable endeavors. The company intends to continue the diversification of its assets through acquisition and disposition of real estate.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interests in office, industrial, retail, self storage, RV parks, retail, multi-family properties and undeveloped land throughout the United States. American Spectrum Management Group, Inc. is a wholly-owned subsidiary of the Company’s operating partnership which manages and leases all properties owned by American Spectrum Realty, Inc. as well as properties owned by third-party clients. Website: www.asrmanagement.com
FORWARD LOOKING STATEMENTS
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.