American Spectrum Realty Reports Sale of Office Property; Mira Mesa Sold for $20,250,000.HOUSTON -- American Spectrum Realty, Inc. (AMEX AMEX See: American Stock Exchange :AQQ AQQ Annual Qualifications Questionnaire ), a real estate investment and management company located in Houston, Texas, announced today the sale of Mira Mesa on January 6, 2006. Mira Mesa, an 88,295 square foot office property located in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , was sold for $20.25 million. The sale generated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $7 million, of which approximately $6 million is being held in escrow to assist the funding of a future acquisition in a tax-deferred exchange. The Company anticipates a gain will be recognized during the first quarter of 2006 related to the sale. American Spectrum Realty, Inc. is a real estate investment and management company that owns 21 office, industrial, and retail properties aggregating over 1.6 million square feet in California, Texas, Arizona, South Carolina and the Midwest. Publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. since November 2001, American Spectrum Realty's business plan focuses on expansion of office and industrial property investments in California, Texas and Arizona. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion