American Spectrum Realty Announces Extensions of Two Mortgage Loans
June 05 2012 - 7:55AM
Business Wire
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.
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