American Spectrum Realty, Inc. (NYSE:AQQ) has announced that it has acquired the property management and asset management contracts previously held by Evergreen Realty Group, LLC and its affiliates. The acquisition also includes Evergreen’s interest in real estate assets. The agreement was made on December 17, 2009.
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The acquisition was completed after American Spectrum Realty assumed $500,000 of Evergreen payables, and issued 1,600,000 operating partnership units in the American Spectrum Realty Operating Partnership, LP, it’s majority owned subsidiary. $9,500,000 ten year non recourse promissory note was also issued by the American Spectrum Management Co. LLC, a wholly owned limited liability based in Delaware. For more information, contact William Carden, American Spectrum Realty Chairman, President and CEO, at 713.706.6200.
American Spectrum Realty, Inc. (ASR) is a full-service real estate company, which owns, manages and operates income-producing properties. Substantially all of the Company’s assets are held through an operating partnership (the Operating Partnership). As of December 31, 2008, through its majority-owned subsidiary, the Operating Partnership, the Company owned and operated 29 properties, which consisted of 23 office buildings, five industrial properties and one retail property. The 29 properties are located in five states. During 2008, the Company acquired a 178,000 square foot office property consisting of two adjacent buildings located in Houston, Texas. In February 2008, the Company sold Columbia, one of the Company’s non-core properties. Columbia is a 58,783 square foot retail center located in Columbia, South Carolina. During the year ended December 31, 2007, ASR acquired two industrial parks aggregating 448,000 square feet and a 28,000 square foot retail property.
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