Spectrum Sells 3 Texas Properties, Eyes REIT Status

Law360, New York (November 21, 2011, 3:37 PM EST) -- Houston-based real estate investment and management company American Spectrum Realty Inc. will sell two office buildings and an industrial project for about $5.5 million as it considers becoming a real estate investment trust, the company said Monday.

The three properties, all located in Houston, went under contract on Nov. 17, the company said. The two office buildings were acquired in 2002 and the industrial project was acquired in 2001.

The sales are part of American Specturm's long-term goal of selling off some assets to reduce liabilities,...
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