Tampa Office Asset Receives Acquisition Loan

By Timea Papp

10419 N. 30th St. in Tampa

Aztec Group has negotiated $8 million in acquisition financing for a fully leased, 132,981-square-foot office building in Tampa, Fla. TCS Investor LLC, an entity led by Allen de Olazarra, acquired the asset for $14 million.

Originated by BankUnited, the mortgage carries a 25-year amortization period and a three-year, fixed rate of 3.95 percent. Located at 10419 N. 30^th St., the property has served as the headquarters of Time Customer Service, a subsidiary of Time Inc., since 1986. 

Strong market fundamentals

The Aztec Group team of Managing Director Jason Shapiro and Director Sean Harrington worked on behalf of TCS Investor in the transaction. According to Yardi Matrix, the seller was Lexington Realty Trust, a REIT which acquired the property in 1988, soon after it was built.

“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,” Shapiro said in prepared remarks.

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

In December 2017, Aztec Group secured $6.7 million in financing for Holiday Centre, a 67,360-square-foot shopping center outside of Tampa. BankUnited provided the seven-year, fixed-rate loan.

Image courtesy of Aztec Group