Office Depot Lease Pushes Marketplace at Dr. Phillips to 100%

ORLANDO-Marketplace at Dr. Phillips, a 327,477-sf neighborhood shopping center, has hit the 100% occupancy mark with the signing of its newest and 75th tenant. The 20-year-old property has averaged 90% occupancy since it was built.

Delray Beach-based Office Depot Inc. is taking 23,052 sf for 10 years at an aggregate rent of $8 million. The average asking base rent for non-anchors is $35 per sf. Boca Raton-based Woolbright Development Inc. has owned the center since November 2004. CB Richard Ellis Inc. negotiated for the tenant.

“The addition of Office Depot and the full occupancy of this center have made it a major retail destination in the Greater Orlando market,” says Mike Fimiani, Woolbright’s executive vice president of leasing. “Marketplace at Dr. Phillips is an ideal location for an international tenant because it is in the heart of the [affluent] Dr. Phillips, Bay Hill and Windermere communities and enjoys the patronage of the tourist traffic of Lake Buena Vista and International Drive.”