Pasco County buildings sold for $7M, one new owner bringing 150 jobs

A pair of Pasco County office buildings have sold, one to a medical provider for the elderly that expects to bring 150 new jobs to the market.

Both of the buildings are in New Port Richey and were sold by the local commercial real estate firm Commercial Asset Partners Realty, which announced the deals.

The first of the two buildings is at 9912 Little Road off of Ridge Road.

The 9.27-acre property sold for $4.4 million. The 45,594-square-foot building was previously occupied by the U.S. Department of Veterans Affairs which ran an outpatient clinic there for 20 years.

The buyer is an affiliate of BoldAge PACE that will run a state-authorized Program of All-Inclusive Care for the Elderly facility on the site. According to Medicaid, the PACE facilities provides “comprehensive medical and social services to certain frail, community-dwelling elderly individuals, most of whom are dually eligible for Medicare and Medicaid benefits.”

BoldAge operates and has in development PACE facilities in California, Illinois, Indiana, Kentucky, New Jersey, Florida and South Carolina.

The New Port Richey location, according to CAP’s statement, will include a primary care medical center; offer physical, occupational and other rehabilitative therapies; have an adult day center; manage operations for PACE’s home health team and transportation unit; and oversee community outreach programs.

BoldAge will renovate the property and plans to open the yet-to-be named center late next year or early 2025. The center is expected to will serve 400 to 500 program participants and employ 150, Michael Czermak, chief administrative officer of BoldAge PACE, says in the statement. The company’s chief medical officer and executive vice president of business development will be based out of the New Port Richey site.

The property was previously owned by a Phoenix LLC named Orion New Port Richey FL.

The second property CAP sold is a 30,731-square-foot office building on Medowlane Street. The property, just off of Gulf Drive and U.S. Highway 19, sold for $2.75 million.

The buyer is Bayonet Plumbing, Heating & Air Conditioning.

Heidi Tuttle-Beisner, broker and owner of CAP, says in the statement that Bayonet was looking for a turnkey property that didn’t require an expensive remodeling and centrally located. “This property checked all the boxes,” Tuttle-Beisner says.

The company consolidated four locations — in Hudson, Port Richey and New Port Richey — in the new space.

The seller was the Doyle Farm Family Limited Partnership.