Transwestern Sells 8-Building, Value-Add Office Project on Online Auction Platform Ten-X
October 02, 2019
New Port Richey, Fla. – Transwestern Commercial Services (TCS) today announces it closed the $9.08 million sale of Counsel Square Office Campus, an eight-building, 111,757-square-foot office park at 7545 – 7627 Little Road in New Port Richey, Florida. On behalf of the seller, TCS Managing Director John Bell facilitated the sale of the Pasco County landmark through the Ten-X online auction website to Counsel Square Office Park LLC, a Texas limited liability company.
“We experienced exceptional investor interest in Counsel Square ranging from across the United States and from foreign buyers,” said Bell. “Value-add office product in Florida is in high demand, a trend we foresee continuing over the next six to 12 months.”
Currently 71% leased with 68% of the tenancy from high-credit government leases, Counsel Square tenants include the Pasco County Sheriff, the Department of Corrections, Pace Center for Girls, Westside Deli, and prominent law firm Psetas, Moore & Tetlow. With 32,409 square feet of office space for lease, the office park is uniquely positioned to accommodate large and small users.
“Counsel Square offers new ownership tremendous leasing upside opportunities and stable cash flow from the current roster of long-time tenants,” added Bell. “At the core of fast-growing Pasco County, the office park sits directly across from the Pasco County Government Center, a major tenant demand driver.”
The New Port Richey office market is healthy with robust tenant demand underscored by its low-single-digit vacancy rate. Notable infrastructure development such as the Ridge Road extension immediately north of Counsel Square will support the market, as it will create a major east/west access point for most of Pasco County. With 143,000 residents within a 5-mile radius of Counsel Square, the surrounding area density, an abundance of amenities, and increased access are attractive for office users, sparking the uptick in competitive investor interest for value-add office properties.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.