American Spectrum Realty Announces Successful Completion of a New Loan Refinance for Windrose Shopping Center
HOUSTON--(BUSINESS WIRE)-- American Spectrum Realty, Inc. (NYSE MKT:AQQ), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully negotiated a new loan for Windrose Shopping Center located at 20423 Kuykendahl Road in Houston, TX.
American Spectrum Realty Advisors, LLC ("ASRA") secured a new fixed rate for the loan of $3,500,000, which was approximately 70 percent of the appraised value. The original loan of $2,450,000 was set to mature in April of 2013. The excess funds were used for tenant improvement projects, leasing costs, and working capital. The shopping center is currently 100% leased with 75% leased to medical related tenants for five to ten year terms with escalating base rental rates on a triple net basis. Windrose was acquired in 2007 from Atari for approximately $3.8 million.
Aggressive marketing initiatives and creative leasing strategies resulted in significantly increased occupancy, revenue growth, and NOI. These combined efforts increased the appraised value of the property significantly allowing American Spectrum to successfully negotiate a new loan on more favorable terms. The transaction closed on Friday March 1, 2013.
American Spectrum offers a turn-key approach to asset management that is committed to maximizing financial performance. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. American Spectrum provides creative solutions that outperform the market and grow the value of each asset under its management.
About American Spectrum
American Spectrum Realty, Inc. is a real estate investment company that owns interest in office, industrial, self-storage, retail, student-housing, and multi-family properties throughout the United States. The company has been publicly traded since 2001.
American Spectrum Management Group, Inc. is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as 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.
William J. Carden, 713-706-6200
President & CEO
KEYWORDS: United States North America Texas
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