Woodside Capital Partners buys Counsel Square for $9.1m

Woodside Capital Partners paid $9.1m at auction for the Counsel Square office complex in New Port Richey, Florida. Developed between 1985 and 2002, the 111,757 sq ft property is currently 71 percent leased by the Pasco County Sheriff’s Office, Pace Center for Girls and the Psetas, Moore & Tetlow law firm. Woodside Capital bought the asset via the Ten-X online auction site. John Bell, managing director at Transwestern Commercial Services, negotiated the deal on behalf of the seller, LNR Partners.

Bell believes that online auctions will become more prevalent as commercial real estate ownership consolidates among institutions and similar entities. “It’s a more efficient delivery system to market,” Bell said. “The bidding is transparent, and it’s more efficient for both sides. For sellers, the deal goes hard right away with a non-negotiable contract. For buyers, if you win the auction, you close in 30 days, so that’s efficient for them, too.”