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 a 200,000 square foot industrial building, known as the Commerce Distributions Center. This facility is located in the city of Commerce (Los Angeles), CA.
The individual ownership interests (comprised of 23 Tenant-In-Common investors) were converted into a newly formed limited liability company (LLC) per the new lender’s loan requirements. American Spectrum Realty, Inc. (“ASR”) became the managing member of the newly formed LLC. ASR successfully negotiated a loan extension with the existing lender to enable ASR the necessary time in order to close the refinance transaction due to the complex nature of a TIC ownership structure. The transaction closed on May 9, 2013 and the new loan reduced the interest rate by approximately 1.5%. American Spectrum Management Group, Inc. will continue to provide asset management services to Commerce Distribution Center.
Commerce Distribution Center is a 200,000 square foot warehouse-distribution building. The tenant utilizes the property for tortilla manufacturing, packaging, and distribution to major grocery chains, restaurants, and retailers throughout the Southern California area. The average daily production at the property is approximately 15 million tortillas. The recent 50,000 square foot warehouse expansion enabled the tenant to consolidate its packaging and raw materials storage into this facility.
This refinance marks the 15th successful loan refinance for properties by American Spectrum Realty Advisors within the last 18 months. The Company attributes this accomplishment to its in-depth knowledge of complex ownership structures and long-standing relationship with financial institutions. American Spectrum has vast experience providing asset management and advisory services to TIC investors. The 15 loan refinances exemplify the Company’s commitment to maximizing financial performance to the owners of real estate. To find out how American Spectrum can provide a strategic solution to your investment challenges, visit www.asrmanagment.com or call 888-315-ASRM.
About American Spectrum Realty, Inc.
American Spectrum Realty, Inc. is a real estate investment company that owns interests 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 provides first-class management and leasing services to all properties owned by ASR as well as third-party clients nationwide.
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.
William J. Carden, 713-706-6200
Chairman, President and CEO
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