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January 14, 2014
09:12 EDTAQQAmerican Spectrum announces $2M gain on sale of shopping center
American Spectrum Realty announced that it would record a $2M gain in 1Q14 on a real estate sale in Houston, Texas. American Spectrum acquired the distressed shopping center, Windrose Center Place, in 2007 when it was purchased at a discount to the cost of construction from the original lender. The company spent approximately one year to complete the construction. There were no leasing agreements in place at the time of acquisition. The company originally acquired the property for approximately $3.8M and sold it for $5.75M. The company also eliminated approximately $4.05M in secured debt as well as $780K in other American Spectrum liabilities. The 28,715 square foot retail center was aggressively leased up from zero to 100% occupied when sold by American Spectrum. The property tenant base is 75% medical related with long-term leases. The company intends to continue the diversification of its assets through acquisition and disposition of real estate.
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February 25, 2015
16:38 EDTAQQAmerican Spectrum Realty begins delisting from NYSE
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