The seller was LWOD Ltd. Office Depot Plaza, built in 1976, is 98% occupied, 72% of which consists of national credit tenants, such as Office Depot, IHOP and Family Dollar Stores.
"Office Depot Plaza is a high-performing property with upside potential," Bert Freehof, a broker involved in the transaction, says in a statement. "Its great location made it attractive to the buyer. Acquisition of this property added to the buyer's portfolio in the immediate area, and they are developing plans for an extensive renovation."
Bert Freehof, senior brokerage associate with Fort Lauderdale-based Brenner Real Estate Group, represented LWOD Ltd. Danny Hermon of Realty 3000 represented Depot Center LLC.
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