American Spectrum Realty purchases Galleria-area office buildings

American Spectrum Realty Inc. has acquired two local office buildings and, in doing so, pushed its Texas portfolio past 2 million square feet.

Houston-based American Spectrum (AMEX: AQQ) bought Fountainview Place I and II on April 30 for an undisclosed amount. The former owner was Foremost Fountainview LP of Mission Viejo, Calif., according to the Harris County Appraisal District.

Fountainview Place I and II, located at 2640 and 2650 Fountainview in the Galleria area, are adjacent office buildings with a total of 178,000 square feet. American Spectrum will handle management and leasing for the Class C buildings, currently 94 percent leased.

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William Carden, president and CEO of American Spectrum, said that following this acquisition, the firm's Texas portfolio has about 2.1 million square feet.

American Spectrum owns 29 office, industrial and retail properties with approximately 2.7 million square feet in California, Texas, Arizona and the Midwest.