Ally Capital Group acquires Clearwater office portfolio
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 12, 2022

Bay Vista Gardens I and II, a flex five-building office portfolio in Clearwater, has sold to Tampa's Ally Capital Group for $18 million.

Ally Capital Group is led by Franklin Street founder Andrew Wright. The group’s portfolio spans from the Westshore City Center in Tampa to The Exchange Hotel in St. Petersburg. The group is also redeveloping the former Auto Club Group office building into 360 apartments.

The seller was GBA 135 LLC, a joint venture between Genet Property Group and Biscayne Atlantic. The deal closed on Sept. 7 and breaks down to $133 per square foot.

Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi, with support from Alex Sulte and Zach Eicholtz, represented the seller. GBA 135 LLC purchased the 12.28-acre property at 5500 Rio Vista Drive in March 2021 for $14.6 million.

Bay Vista Gardens I and II are part of the 20-building Bay Vista Business Park.

The development was built in 1988, totals 135,221 square feet and includes five buildings along Rio Vista Drive. According to Cushman & Wakefield, the office portfolio was more than 94% leased at the time of the sale. Tenants range from the technology, research, engineering and legal industries.

“Bay Vista Gardens is a high-quality garden office complex well located in the Gateway area of Pinellas County,” Brugge, vice chairman at Cushman & Wakefield, said in a release. “Since the pandemic began, single-story office product has outperformed the market as tenants seek to control their own air quality and common areas.”