Aztec Group Arranges $6M Financing
- May 31, 2018
Aztec Group Inc. has arranged $5.9 million in financing for the acquisition of Westshore Center, a 77,000-square-foot office building in Tampa, Fla. The company secured the seven-year fixed rate loan through BankUnited. Reo Center Tampa LLC purchased the property for a total of $9.5 million, from TA Associates Realty, in an off-market transaction, according to Yardi Matrix.
Located at 405 N. Reo St., the asset occupies 4.2 acres near Interstate 275, which connects to St. Petersburg. Additionally, downtown Tampa is situated roughly six miles from the building. Constructed in 1981, the three-story office building offers 25,000-square-foot floor plates and an on-site café. The borrower aims to invest additional capital to renovate and reposition the property.
“The office building’s current occupancy is well-below market, while the Westshore submarket’s current occupancy is in the mid-90 percent range,” said Sean Harrington, director at Aztec Group, in a prepared statement. “The borrower seized an opportunity to stabilize an existing property that will help meet the growing demand for quality office space in Westshore.”
In January, Aztec Group negotiated $8 million in acquisition financing for a 132,981-square-foot office building, also in Tampa.
Image courtesy of Aztec Group