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America's Capital Partners Secures $8M to Finance Year-End Acquisition

Aztec Group Arranges Loan on Tampa Office Property
January 22, 2018
America's Capital Partners has secured $8 million in acquisition financing to fund its acquisition in December of the Time Customer Service, Inc. office building at 10419 N. 30th St. in Tampa, FL.

Jason Shapiro and Sean Harrington of the Aztec Group arranged the financing through BankUnited on behalf of the borrower.

“During the loan negotiations, Time Inc. was in the midst of being acquired by Meredith Corp. Fortunately, we were able to leverage our relationship with BankUnited to maintain the lender’s confidence in the future of the asset during this transition period,” said Shapiro.

The 132,981-square foot office building is located in the University Center Business Park, just minutes from University of South Florida and Busch Gardens Tampa Bay. The property delivered in 1986 and is situated on 14.4 acres in Hillsborough County.

Lexington Realty Trust sold the asset for $13.7 million, or about $103 per square foot, according to CoStar data. Aztec Group's Shapiro and Harrington represented America's Capital Partners in the acquisition as well.
See CoStar COMPS #4092824.

"The property is located in the heart of Central Tampa, one of the fastest growing areas in the United States, containing strong market fundamentals and positioning of the building which made the asset a highly desirable value-add property for the borrower’s portfolio," added Harrington.

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