Transwestern Tapped to Sell 8-Building, Value-Add Office Investment Opportunity
August 12, 2019
New port richey, FL – Transwestern Commercial Services (TCS) today announces it has been named the exclusive listing agency to sell the Counsel Square Office Campus. A Pasco County landmark, the 111,757-square-foot asset includes eight buildings at 7545 – 7627 Little Road in New Port Richey, Florida, just north of Tampa. The property is listed on the Ten-X online auction website, with a final call for bids scheduled for Aug. 14, 2019. TCS Managing Director John Bell will facilitate the sale.
“Counsel Square presents investors with an opportunity to acquire a high-profile, value-add asset that provides tremendous leasing upside with the stable cash flow from the current roster of long-time tenants,” said Bell. “At the core of fast-growing Pasco County, the building benefits from its location directly across from the Pasco County Government Center, a major tenant demand driver.”
Counsel Square is currently 71% leased, and 68% of the tenancy is from high-credit government leases. 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, Counsel Square is uniquely positioned to accommodate large and small users.
The immediate area offers an abundance of amenities, including numerous dining and retail options immediately to the north and south and an on-site deli. Counsel Square features convenient access with a dedicated traffic light and an ideal location with a strong traffic count on Little Road ranging from 45,000 to 54,500 vehicles per day. The New Port Richey market is extremely healthy with robust tenant demand underscored by its 5.3% vacancy rate. With 143,000 residents within a 5-mile radius of Counsel Square, the surrounding area density is attractive for office users.
“Counsel Square’s current REO ownership has enjoyed strong leasing momentum, and buyers can expect superior market share,” added Bell. “The property is highly attractive to government tenants, law firms, schools, medical providers, and a variety of professional services.”
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.