The Real Deal Miami

Ten-year, fixed-rate loan finances warehouse space next to Tampa’s airport

Equitable Real Estate Partners borrowed $10.53M to finance its $16.3M acquisition of the 167,956-square-foot Westshore Logistics Center
December 23, 2018 01:00PM

Charles Foschini

A real estate investment firm got a 10-year, fixed-rate loan to finance its $16.3 million acquisition of a warehouse complex next to Tampa International Airport.

Equitable Real Estate Partners borrowed $10.53 million to acquire Westshore Logistics Center, a 167,956-square-foot warehouse complex at 5411-5521 Southern Comfort Boulevard in Tampa.

The property was 100 percent leased at the time of the sale to tenants including Baystone Tile, Shriner Hospitals, Vitamin Discount Center and XPO Logistics.

Westshore Logistics Center comprises four single-story warehouse and distribution buildings on a 10.7-acre site.

Originally constructed in 1972, the buildings got a $4.2 million renovation in recent years under the previous ownership.

Senior managing director Charles Foschini and managing director Christopher Apone of the South Florida office of Berkadia secured the acquisition loan for Equitable Real Estate Partners.

“The borrower had multiple options to choose from,” Foschini said in a prepared statement. “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.” – Mike Seemuth