Ally Capital Group Acquires Tampa Office Complex
- Jan 21, 2019
Ally Capital Group has acquired Austin Center, a 299,000-square-foot office complex in Tampa, Fla., from RS Westshore LLC, an affiliate of Redstone. The deal marks just the second time the complex has traded since its completion in 1975.
Located at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the five-building office campus sits on 10.4 acres in the Westshore neighborhood. The complex is situated adjacent to International Plaza Mall and Tampa International Airport, and provides easy access to Interstate 275, Veterans Expressway and State Road 60.
Ben Miller and Casey Siggins of Franklin Street Capital Advisors arranged financing for the deal through Valley Bank’s Tampa location. ACG has tapped Tampa-based Franklin Street to lease, manage and provide insurance for Austin Center.
“This acquisition presented us with a rare opportunity to acquire a prime property located in Tampa’s premier office submarket,” said Matt Chadwick, director of ACG, in prepared remarks. “We plan to make significant capital improvements in the first two years and reposition Austin Center’s profile as a prime workplace address in the heart of the Westshore District.”
Despite a significant slowdown in development and investment, Tampa’s office market fundamentals have remained healthy in recent quarters, boosted by a steady rise in office-using employment.
Image courtesy of Ally Capital Group