Exhibit (a)(4)







             [Published July 18, 2006 in Investor's Business Daily]

This announcement is neither an offer to buy nor a solicitation of an offer to
sell Shares. The Offer is being made solely by the formal Offer to Purchase
forwarded to Share holders of record and is not being made to, and tenders will
not be accepted from or on behalf of, Share holders residing in any jurisdiction
in which making or accepting the Offer would violate that jurisdiction's laws.
In those jurisdictions where the securities, Blue Sky, or other laws require the
Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be
made on behalf of Purchasers only by one or more registered dealers licensed
under the laws of such jurisdiction.

                      NOTICE OF OFFER TO PURCHASE FOR CASH:

                     Up to 145,000 Shares of common stock of
          American Spectrum Realty, Inc. (the "Company") at a price of
                                $20.50 per Share
                                       by:
    MPF Senior Note Program I, LP, MPF Blue Ridge Fund I, LLC, MPF Blue Ridge
    Fund II, LLC, MacKenzie Patterson Special Fund 7, LLC, Moraga Gold, LLC,
         MacKenzie Patterson Fuller, LP (collectively the "Purchasers")

The Purchasers are offering to purchase for cash up to 145,000 shares of common
stock ("Shares") of the Company, at a price of $20.50 per Share upon the terms
and subject to the conditions set forth in Purchasers' Offer to Purchase and in
the related Letter of Transmittal for the offer (which together constitute the
"Offer" and the "Tender Offer Documents").

THE OFFERS AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, PACIFIC TIME, ON
AUGUST 18, 2006, UNLESS AN OFFER IS EXTENDED.

Funding for the purchase of the Shares will be provided through the Purchasers'
existing working capital. The Offer is not made for the purpose of acquiring or
influencing control of the business of the issuer. The Offer will expire at
12:00 midnight, Pacific Time on August 18, 2006, unless and until Purchasers, in
their sole discretion, shall have extended the period of time for which the
Offer is open (such date and time, as extended the "Expiration Date"). The
Purchasers will not provide a subsequent offering period following the
Expiration Date. If Purchasers make a material change in the terms of the Offer,
or if they waive a material condition to the Offer, Purchasers will extend the
Offer and disseminate additional tender offer materials to the extent required
by Rules 14d-4(c) and 14d-6(d) under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The minimum period during which the Offer must
remain open following any material change in the terms of the Offer, other than
a change in price or a change in percentage of securities sought or a change in
any dealer's soliciting fee, will depend upon the facts and circumstances
including the materiality of the change with respect to a change in price or,
subject to certain limitations, a change in the percentage of securities ought
or a change in any dealer's soliciting fee. A minimum of ten business days from
the date of such change is generally required to allow for adequate
dissemination to Share holders. Accordingly, if prior to the Expiration Date,
Purchasers increase (other than increases of not more than two percent of the
outstanding Shares) or decrease the number of Shares being sought, or increase
or decrease the consideration offered pursuant to the Offer, and if the Offer is
scheduled to expire at any time earlier than the period ending on the tenth
business day from the date that notice of such increase or decrease is first
published, sent or given to Shareholders, the Offer will be extended at least
until the expiration of such ten business days. For purposes of the Offer, a
"business day" means any day other than a Saturday, Sunday or federal holiday
and consists of the time period from 12:01 a.m. through 12:00 midnight, Pacific
Time. In all cases payment for the Shares purchased pursuant to the Offer will
be made only after timely receipt of the Letters of Transmittal (or facsimiles
thereof), properly completed and duly executed, with any required signature
guarantees, and any other documents required by such Letters of Transmittal.

Tenders of Shares made pursuant to the Offer is irrevocable, except that
Shareholders who tender their Shares in response to the Offer will have the
right to withdraw their tendered Shares at any time prior to the Expiration Date
by sending to MacKenzie Patterson Fuller, Inc. a written or facsimile
transmission notice of withdrawal identifying the name of the person who
tendered Shares to be withdrawn, signed by the same persons and in the same
manner as the Letter of Transmittal tendering the Shares to be withdrawn. In
addition, tendered Shares may be withdrawn at any time on or after September 18,
2006, unless the tender has theretofore been accepted for payment as provided
above. If tendering Share holders tender more than the number of Shares that
Purchasers seek to purchase pursuant to the Offer for those Shares, Purchasers
will take into account the number of Shares so tendered and take up and pay for
as nearly as may be pro rata, disregarding fractions, according to the number of
Shares tendered by each tendering Shareholder during the period during which
that Offer remains open. The terms of the Offer are more fully set forth in the
formal Tender Offer Documents which are available from Purchasers at the
Purchasers' expense. The Offer contains terms and conditions and the information
required by Rule 14d-6(d)(1) under the Exchange Act which are incorporated
herein by reference. The Tender Offer Documents contain important information
which should be read carefully before any decision is made with respect to the
Offer.

The Tender Offer Documents may be obtained by written request to Purchasers or
as set forth below. A request has been made to the Company pursuant to Rule
14d-5 under the Exchange Act for the use of its list of Shareholders for the
purpose of disseminating the Offer to Shareholders. Upon compliance by the
Company with such request, the Tender Offer Documents and, if required, other
relevant materials may be mailed at the Purchasers' expense to record holders of
Shares, brokers, banks and similar persons whose names appear or whose nominee
appears on the list of securities holders, or persons who are listed as
participants in a clearing agency's security position listing, for subsequent
transmittal to beneficial owners of Shares.

For Copies of the Tender Offer Documents, Call Purchasers at 1-800-854-8357,
Make a Written Request Addressed to 1640 School Street, Moraga, California
94556, email to investors@mpfi.com, or visit our website at www.mpfi.com (click
on MPF Tenders).

                                  July 18, 2006