Tampa-Area Office Campus Changes Hands

Transwestern advised LNR Partners in the $9 million sale of an eight-building value-add asset in New Port Richey.
Counsel Square Office Campus
Counsel Square Office Campus. Image courtesy of Transwestern

LNR Partners LLC has sold Counsel Square Office Campus, an eight-building, 111,757-square-foot office park in New Port Richey, Fla. In 2013, LNR Partners, acting as trustee on behalf of Wells Fargo Bank, foreclosed on a $9.5 million CMBS loan, according to Yardi Matrix data. Counsel Square Office Park LLC, based in Texas, acquired the asset for $9.1 million through the Ten-X online auction website. John Bell, managing director at Transwestern Commercial Services, advised the seller in the disposition.

Located at 7545-7627 Little Road, Counsel Square is 37 miles northwest of downtown Tampa, right across from the Pasco County Government Center. There are 143,000 residents within a 5-mile radius of the value-add property, as well as many shopping and dining options at the intersection of Little and Ridge roads.

Developed in 1985 and 1990, Counsel Square consists of one-, two- and three-story buildings spread across 13.7 acres. The Class C property includes 8,517 square feet of retail and features a parking ratio of 4 spaces per 1,000 square feet, Yardi Matrix data shows. The office campus is currently 71 percent leased, with a tenant roster that includes the Pasco County Sheriff, the Department of Corrections and Pace Center for Girls, as well as law firm Psetas, Moore & Tetlow.

LNR Partners has recently sold another Florida office asset. Avison Young advised the company in the disposition of a Class A building in Sunrise, Fla., for $3.9 million.