Redstone Investments pays $28M for Austin Center

BUYER: RS Westshore LLC (manager: Lee Burdman and Jonathan Levy), Tampa
SELLER: Austin Development Co. LLC (parcels I and II) and Beverly Austin (parcel IV)
PROPERTY: 1111, 1211, 1311, 1401 and 1411 N. West Shore Blvd., Tampa
PRICE: $28.45 million
PREVIOUS PRICE: $152,500, January 1971
LAW FIRM ON DEED: Gray Robinson PA, Tampa

PLANS, DESCRIPTION:
An affiliate of Redstone Investments purchased the five-building Austin Center in Westshore for $28.45 million.

The price equated to $91 per square foot. That figure is lower than the two-year average price per square foot for office space ($119) in the Tampa Bay area, according to the CoStar Group.

Built in 1967 by Al Austin, the 10-acre office project has been owned by the Austin family for the past 50 years. It is considered one of the first commercial developments in Westshore.
The 312,348-square-foot development was about 80% occupied at the time of the sale. Prominent tenants include AAA and PNC Bank. The office park's buildings range in size from 32,620 square feet up to 88,753 square feet.

Formed in 1991, Redstone Investments is a commercial real estate service company with offices in Tampa and Youngstown, Ohio. It owns more than 75 properties in 15 states.