Why Redstone Investments wanted the Austin Center in Tampa's Westshore
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 6, 2015

When Rhonda Hogan brought the opportunity to buy the Austin Center to Redstone Investments, the Redstone executives were immediately excited about it.

"We've always loved that piece of real estate," said Lyle Fogarty, president of Redstone Development. "We think it's one of the best properties in Tampa's premiere business district."

Redstone said Monday that it had closed on the five-building, 300,000-square-foot Austin Center, which was developed by late Tampa civic leader Al Austin in the late 1960s. A purchase price was not disclosed, and a deed for the transaction has not yet been filed in Hillsborough County.

The Austin Center's location is a prime spot: It's in the heart of Westshore, which has only a handful of vacant sites left for new construction - and none are as centrally located as the Austin Center. "We think it's an excellent location," Fogarty said. "It's a great business address, and obviously Westshore is rapidly evolving into a premier urban destination."

Hogan said in a statement that "the transaction was personal" as she had known Austin for decades.

"Redstone Investments was selected because of their solid reputation," Hogan said in the statement, "and I believe Al Austin would be celebrating this day.”

Fogarty said it was too soon to comment on any future plans for the property - in real estate circles, the site is looked at as a prime redevelopment play. For the foreseeable future, he said, it will remain an office park. Redstone will take over the leasing and property management. There's about 60,000 square feet available, though it isn't contiguous. Lease rates range from the high teens to the mid $20s, depending on the location within the park.

"Right now, we're just focusing on a smooth transition for the tenants that are in place," Fogarty said. "We're excited about catering to the small and mid-size tenant market in the Westshore business district."

It's also too soon, Fogarty said, to talk about potential upgrades or renovations to the building, which are common in office buildings after a new landlord takes over.

"In the immediate term, we're focusing on a smooth transition for the property management," he said. "We have a couple tenants going through expansions right now, and we have to make sure we deliver those [spaces] on time."

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.