CAP Sells Two NPR Offices

CAP Realty brokers the sales of the former VA building on Little Road for $4.4 million and an office on Meadowlane Street for $2.75 million

NEW PORT RICHEY, Fla. (Oct. 9, 2023) – Two office properties in Pasco County’s New Port Richey recently sold, and one new owner expects to eventually create more than 150 jobs in the area.

9912 Little Rd. LLC purchased the medical office building at 9912 Little Road, which the U.S. Department of Veterans Affairs had previously occupied for 20 years as an outpatient clinic. The 45,594-square-foot property on 9.27 acres sold for $4.4 million.

Heidi Tuttle-Beisner, broker-owner at Commercial Asset Partners (CAP) Realty represented the seller, Orion New Port Richey FL LLC, in the transaction. The buyer, an affiliate of BoldAge PACE, will operate a state-authorized Program of All-Inclusive Care for the Elderly center from the space.

“Medical services are in higher demand now more than ever, due to the explosive growth of Pasco County,” Tuttle-Beisner said. “Medical and life sciences users are also highly attracted to the area due to the 775-acre Moffitt Cancer Center project and the opening of the Ridge Road extension, which provides easier access throughout the county.”

From its new, yet-to-be-named Program of All-Inclusive Care for the Elderly location in New Port Richey, BoldAge PACE will serve adults 55 and older in Pasco, Hernando and Hillsborough counties. The location will include a primary care medical center, provide physical, occupational, and other rehabilitative therapies, have an adult day center, manage operations for the home health team and transportation unit, and serve as the home for all Program of All-Inclusive Care for the Elderly community outreach programs.

“Studies showed there was a need for a Program of All-Inclusive Care for the Elderly in New Port Richey and the surrounding area,” said Michael Czermak, chief administrative officer of BoldAge PACE. “This property is located in an area we want to serve, and really fits our needs space-wise, as does the structure of the building, being one-story and beautifully situated.”

BoldAge PACE plans to open its new location in late 2024 or early 2025, following renovations to the property. Czermak said he expects that, at maturity, the center will serve 400 to 500 older adult participants and employ 150 local residents, and will be home-base for BoldAge’s chief medical officer and executive vice president of business development, both of whom are long-time Central Florida residents.

In addition to the New Port Richey location, the company currently operates and has in development several Program of All-Inclusive Care for the Elderly centers in other Central Florida counties and various states, including California, Illinois, Indiana, Kentucky, New Jersey and South Carolina.

In addition, a 30,731-square-foot office building at 5642-5652 Meadowlane Street in New Port Richey has sold for $2.75 million. 

Tuttle-Beisner represented the seller, Doyle Farm Family Limited Partnership, in the transaction. Deanna DeCubellis with Paradise West Realty represented the buyer, which is doing business as Bayonet, a plumbing, air conditioning and heating services company that will operate from this location.

The move includes consolidating four properties Bayonet had previously leased or owned in Hudson, Port Richey and New Port Richey, to this one location on Meadowlane Street. 

“This buyer was looking for something turnkey, that didn’t involve a huge remodeling investment, and also served their central demographic well, keeping in mind employees’ commutes to the new location,” said Tuttle-Beisner. “This property checked all the boxes.”

About Commercial Asset Partners Realty: One of the top mid-sized commercial real estate companies in the Tampa Bay area, CAP Realty handles leasing and sales of retail, office and industrial properties, along with helping clients with real estate investment sales and land transactions. Based in New Port Richey, Fla., Broker-Owner Heidi Tuttle-Beisner and her team have built a company that has the experience and resources to handle a wide range of assignments, while offering a high level of personal service for each client. For more information, see the company’s website at www.cap-realty.com.

About BoldAge PACE: BoldAge PACE is an innovative alternative for older adults who need a nursing-home level of healthcare but who want the independence to age at home and stay connected to their communities. Each participant gets a personalized care plan, developed by our integrated team of experts, that truly supports their overall health and well-being.