Tampa office tower secures a $32 million refinance loan

A Tampa office building has been refinanced with the owner borrowing $32.5 million.

The loan is on the Westshore Center, a nine-story, 219,992-square-foot office building near Tampa International Airport and International Plaza.

CBRE Capital Markets' Debt & Structured Finance Group secured the financing and announced the deal Monday.

The building is at 1715 N. West Shore Blvd. and was bought in 2019 by America’s Capital Partners for $52.05 million.

According to CBRE, Westshore Center is 85% leased to 25 tenants who have an average lease term of 4.8 years.

“Leasing activity has been robust with over 150,000 square feet of post-COVID commitments,” the firm says in the announcement.

“This positive momentum affords Westshore Center strong near-term contractual income with upside from the lease-up of the remaining 29,631 square feet of vacant space.”

Miami-based America’s Capital has offices in Atlanta and Denver as well as in Tampa. Its previous buys, according to its website, have been spread out across seven mostly southern states, though it owns properties in Washington D.C., Colorado and Pennsylvania.

Locally, it has bought 14 properties. The majority are in Tampa, with one each in Fort Myers, Sarasota, Clearwater and Land O’Lakes.

Amy Julian, a CBRE senior vice president, and Andrew Chilgren, a first vice president at the firm, represented a joint-venture between C-III Capital Partners and America’s Capital Partners in the process. BMO originated the loan.