NEW YORK--(BUSINESS WIRE)--Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, has acquired a 50.6% equity stake in a 60,295 square-foot Houston, Texas, office building as a component in the company’s plans to revolutionize tokenized real estate opportunities through its new blockchain-fueled platform.
Located in a burgeoning area of Houston adjacent to Spring at 3303 FM 1960, the Brazos Atrium building is a Class-B space with a current occupancy rate of approximately 99%, made up predominantly of small businesses and nonprofits. The building was acquired at a 12% capitalization rate and represents significant potential upside due to the possibility to adjust rentroll to market-level rates. Additionally, the acquisition will turn Metrospaces EBITDA-positive.
“The Brazos Atrium project is an exciting potential case-study for the tokenization platform we’ve designed for Metrospaces,” explained Shokworks CEO Alejandro Laplana. The tokenization platform is expected to launch later this year.
Metrospaces CEO Oscar Brito and Laplana see exceptional growth opportunities through the tokenization platform. “We believe once our platform is fully launched, we can not only provide exceptional liquidity opportunities for third-party clients, but we will also be able to utilize the platform as principals, bringing additional liquidity to the Metrospaces balance sheet as we continue to acquire and improve commercial assets,” said Brito.
The acquisition is a part of Metrospaces’ strategic plan to secure assets with high liquidity positions in high growth markets such as Texas and Florida.
“There will clearly be some very exciting opportunities for arbitrage between the private real estate market and the market driven by tokenization,” Brito said. “We want to be right in the middle of that industry. We believe that this, added to tokenizing third-party assets as a service, will revolutionize real estate capital markets.”
In addition to the tokenization case-study, Metrospaces plans to utilize this and other hard assets to explore further PropTech initiatives, including state of the art IoT improvements including building management tools, security system and blockchain integration. The building is positioned to take advantage of solar tax credits and create value from electricity generation.
Financing for the project was secured by Tina Poindexter, SVP of Veritex Community Bank.
“We were impressed with the hard work and execution of the underwriting and business development team at Veritex Community Bank, in particular with Tina Poindexter,” explained Brito. “It is our hope to partner with the Veritex team on many future projects.”
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