BH Group, PEBB Buy Office Depot Campus in $104M Sales Leaseback
There is substantial office space available for new tenants.
BH Group and PEBB Enterprises acquired the Office Depot headquarters campus in Boca Raton for $104 million. 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 a 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.
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 capital improvements program to upgrade the Office Depot campus.