April 7, 2010 (FinancialWire) — American Spectrum Realty, Inc. (AMEX: AQQ), a real estate investment and management company said it has sold a 101,880 square foot office property in the Galleria area of Houston, Texas. The sale generated proceeds of around $5.2 million, according to American Spectrum.

The company said that the proceeds will be used to reduce debt, payables and other investments. It added that transaction generated a gain on sale before income tax expense of around $4.4 million. The gain will be recognized in the first quarter of 2010.

Texas-based American Spectrum Realty is a real estate investment company that owns, through an operating partnership, 29 offices, industrial and retail properties aggregating around 2.6 million square feet in California, Texas, Arizona and the Midwest.

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