BH Group and PEBB Enterprises completed the $104 million acquisition of the Office Depot headquarters campus in Boca Raton. The transaction includes an agreement to lease back a significant portion of the campus to Office Depot.
Located at 6600 N. Military Trail, the campus includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.
Office Depot agreed to a long-term lease back for 285,000 square feet as part of the transaction, which closed on April 5.
City National Bank provided acquisition financing to the joint venture. Financial details were not disclosed.
“We are excited to team up with BH Group on this incredible acquisition,” PEBB President and CEO Ian Weiner said. “The campus can accommodate the pent-up demand for Boca Raton office space from both established and new-to-market companies.”
Joe Freitas and John Criddle of CBRE are handling leasing at the campus on behalf of BH Group and PEBB.
Miami-based BH Group and PEBB are partnering on several South Florida investments. The companies plan to implement a substantial capital improvements program to upgrade the Office Depot campus.
More details on the venture’s plans for the property will be announced in the coming months.
“This acquisition is a true win/win for our partnership,” Isaac Toledano of BH Group said. “It enables a major employer to remain headquartered in Boca Raton, while unlocking the vast potential of the remaining office space and overall property.”
About BH Group: BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in the acquisition, construction, design, capital structuring and asset management of complex developments. For the last 20 years, BH Group has been involved in many large-scale real estate transactions and developments by utilizing strong relationships to provide investors with opportunities not otherwise available in the real estate market. For more information, please visit bhgroup.miami.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth daily. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.
