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Tampa investor buys Westshore's Urban Centre office complex for $123 million

Tampa real estate maven Andrew Wright's Ally Capital Group has acquired the Urban Centre, an office complex in the heart of the Westshore business district.

Wright told the Tampa Bay Business Journal he was purchasing the two-tower complex and attached parking garage for $123 million. The sale does not include the Westshore Grand, located between the two towers. The buildings are 88% occupied, Wright said.

Valley Bank provided the financing for the acquisition. Trey Korhn, first senior vice president and head of the bank's commercial real estate division, led the effort, Wright said.


"That's what allowed us to step forward and put together the private investment to acquire this asset," Wright said. "To do it in this environment is a tremendous accomplishment."

The purchase price breaks down to just over $220 per square foot, Wright said, and the cost to build the Urban Centre today would be around $600 per square foot.

Starwood improved some of the building's common areas during the Covid-19 pandemic, including renovating the building's on-site restaurant. Wright said his team is still considering improvements, but the building needs a new chiller, generator and parking garage repairs.

"Our normal MO is we buy things and fix them up, but the building, for the most part, is in pretty good shape," he said.

Wright is the founder and CEO of Franklin Street, and that company will take over the property management and leasing from JLL Inc., which has managed the building for 24 years.

"It's just an overall great asset," Wright said.

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