Ten-Year, Fixed-Rate Loan Finances Warehouse Space Next to Tampa’s Airport | The Real Deal
Equitable Real Estate Partners acquired Westshore Logistics Center for $16.3 million
Tampa, Fla. (December 19, 2018) – Berkadia has secured financing for the acquisition of Westshore Logistics Center, a 167,956-square-foot warehouse/distribution center located adjacent to Tampa International Airport. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office represented the borrower, Equitable Real Estate Partners, which purchased the property for $16.3 million.
A Berkadia correspondent life company provided the 10-year, fixed-rate loan for $10.53 million at an aggressive interest rate, and a 65 percent loan to value.
“After a thorough marketing process, the borrower had multiple options to choose from and decided that the lender’s understanding of the real estate, ability to lock rate at application and overall rate and terms outweighed other proposals,” explained Foschini. “In the end, a lender who could rate lock at the inception of a transaction proved to be a wise move with the continued volatility of the capital markets.”
Located at 5411-5521 Southern Comfort Boulevard in Tampa, Westshore Logistics Center consists of four single-story warehouse/distribution buildings totaling 167,956 square feet on 10.9 acres. The property gives tenant immediate access to Tampa International Airport, Veteran’s Expressway and I-275. The buildings were originally built in 1972, but the previous owner invested $4.2 million in a full-scale renovation between 2017 and 2018. The property consists of concrete wall and steel column construction with 17’ minimum clear ceiling heights and column spacing between 30’ and 40’. Suite sizes range from 21,902 to 43,792 square feet, with a variety of dock high, van high, and on-grade loading and can accommodate a variety of tenant uses and sizes.
The property was 100% leased at the time of sale to tenants including Baystone Tile, Vitamin Discount Center, Shriner Hospitals and XPO Logistics.