X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-American Spectrum Realty Inc. has sold eight non-core assets for $43.8 million, acquired two others and has three under contract to purchase, the company says.

The locally based firm says the transactions are part of its previously announced strategy to refocus its property portfolio to office and industrial in the southwestern US.

As part of the shift, the company has acquired two office buildings in Houston, a 59,550-sf property that was purchased in May and a 44,036-sf building that it bought in July. The three additional office buildings under contract, which are also in Houston, comprise 228,572 sf in deals that American Spectrum expects to close before the end of the year. In the deals that have already closed, the company acquired the properties via a combination of partnership units, deferred cash payments and the assumption of debt.

The eight non-core assets that have sold consist of an apartment complex in Long Beach, an office complex in Kenwood, OH; and industrial assets in Indianapolis, Tucson, AZ; Earth City, MO; Loveland, OH; and Downers Grove, IL.

William J. Carden, president of American Spectrum, says the company’s goal is to become more profitable by focusing on office and industrial properties in California, Texas and Arizona. He says the net proceeds generated by these sales have been used primarily to acquire properties and for capital expenditures related to tenant improvements and enhancements on existing properties. American Spectrum likes the “blend of growth and stability” in the local economies of Southern California, Arizona and Texas, Carden says, adding that the company is actively pursuing acquisitions in the office and industrial categories. American Spectrum owns 26 office, industrial, apartment and retail properties in California, Texas, Arizona, South Carolina and the Midwest.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.