American Spectrum Awarded the Management Assignment of Two Self Storage Facilities in Louisiana
HOUSTON--(BUSINESS WIRE)-- American Spectrum Realty, Inc. (NYSE MKT:AQQ) ("the Company"), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that its subsidiary, American Spectrum Management Group, Inc. ("ASMG"), has been awarded the management and leasing of two existing self-storage facilities in Pineville and Ball, Louisiana.
The management assignments came on the heels of an ownership change for a two property portfolio consisting of 612 units total comprising 76,110 rentable square feet. One of the A-SAFE Mini Storage facilities is located off Highway 165 at 2549 Monroe Highway in Pineville, Louisiana while the second facility is located approximately two miles north at 4905 Monroe Highway in Ball, Louisiana. Each facility includes amenities such as an on-site leasing office, secured access, video-surveillance (with a total of 40 cameras), climate controlled units, drive-up units, two way intercom system, exterior lighting, wide driveway and moving supplies.
Darren Kelley, Asset Manager for ASMG's National Self-Storage Division, competed against many other management companies for the assignment but feels that ASMG's commitment to producing measured results is what ultimately impressed the new ownership. "Our model is all about taking properties like A-SAFE Mini Storage and implementing a proven strategy to reduce expenses, improve revenue, and increase the properties' value for the owner," says Kelley. Through cost-efficient branding, aggressive marketing strategies, and streamlined operations, ASMG is able to bring significant cost savings and increased revenue to third-party clients.
Matt and Karen Drennan of Drennan Equity Pineville are the new owners of the A-SAFE Mini Storage portfolio. "We are very confident in our decision of hiring ASMG to manage our properties. We recognized their results-driven approach and see a unique opportunity through our strategic partnership to optimize the properties' potential," says Mr. Drennan.
ASMG's self-storage portfolio now consists of over 10,000 units in excess of 1.6 million square feet in multiple states. Most of the facilities operate under the 1st American Storage ® brand, which is a registered trademark of American Spectrum Realty, Inc. 1st American Storage ® is a brand that represents value, integrity, and customer service within the industry. For more information on our National Self-Storage Division, visit www.1stAmericanStorage.com.
American Spectrum Realty, Inc. is a real estate investment company that owns, through its operating partnership, interest in office, industrial, self-storage, retail properties, multi-family, and student housing properties throughout the United States. The company has been publicly traded since 2001. American Spectrum Management Group, Inc. is a subsidiary of American Spectrum Realty, Inc. and manages/leases all properties owned by the Company as well as a significant number of third-party clients.
ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing, and multi-family properties, totaling over 11 million square feet in multiple states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776.
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.
American Spectrum Realty, Inc.
Bill McGrath, CCIM, 713-706-6200
Senior VP of Operations
KEYWORDS: United States North America Louisiana Texas
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