Tampa, Fla. — Ally Capital Group (ACG), a Tampa-based real estate investment firm, has acquired Austin Center, an approximately 299,000-square-foot office complex in the Westshore submarket of Tampa. Located at 1111, 1211, 1311, 1401 and 1411 N. Westshore Boulevard, Austin Center consists of five office buildings on a 10.4-acre parcel. ACG plans to execute a major capital campaign with building upgrades.
ACG acquired the property from RS Westshore, LLC, an affiliate of Redstone, which had purchased the property in 2015. The new sale marks only the second time the complex has been traded since it’s completion in 1975. Ben Miller and Casey Siggins of Franklin Street Capital Advisors arranged financing for the transaction through Valley Bank’s Tampa location.
“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. “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.”
ACG has selected Tampa-based Franklin Street as the exclusive leasing agency, property manager and insurance services provider for Austin Center. Franklin Street will also move its headquarters this year to a 22,000-square-foot office space in the newly refurbished building from its current location at the Westshore Corporate Center. Franklin Street’s Matt Alexander, Senior Associate, will serve as the office leasing representative for the property. He can be reached at Matthew.Alexander@FranklinSt.com.
“We are pleased to have completed this transaction with Ally Capital Group”, said Jonathan Levy, Managing Partner of Redstone. “They are acquiring a generational asset that is an important part of the Westshore Business District. Redstone purchased the property with a vision to redevelop the Austin Center but this opportunity presented itself and it made sense for all parties. We wish Ally success and good luck in owning one of the greatest properties in the Tampa Bay market.”
“We are thrilled that Ally Capital Group has made this investment in one of the most prominent properties in the Westshore District,” said Westshore Alliance Executive Director Ann Kulig. “Ally Capital Group’s planned improvements and the commitment by Franklin Street to locate their headquarters are testaments to the continued strength of the Westshore market.”
Austin Center is immediately adjacent to International Plaza Mall and Tampa International Airport. The property is centrally located with easy access to I-275, Veterans Expressway and State Road 60.
About Ally Capital Group: Ally Capital Group, LLC (“ACG”), invests in Fee Simple and debt instruments associated with real estate assets. Since its inception, the Company has acquired a portfolio of properties in multiple asset classes including multi-family, retail, office, and mixed-use. In addition, ACG has completed commercial real estate development projects and executed on complex distressed opportunities through note acquisitions, recapitalization buyouts, and bankruptcy foreclosures. Learn more about Ally Capital Group at www.allycapitalgroup.com.
About Redstone: For more than 30 years, Redstone has developed a full-service approach built on a foundation of well-developed market knowledge and long-standing relationships. Redstone specializes in: ground-up development, redevelopment, commercial brokerage, distressed debt, and private equity. Redstone’s commercial real estate services range from land acquisition, entitlement of property, site development, to full service brokerage and property management. Learn more about Redstone Investments at www.redstoneinvestments.com
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.