{"id":1004656143,"date":"2023-04-07T02:46:42","date_gmt":"2023-04-07T10:46:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004656143"},"modified":"2023-04-07T06:01:43","modified_gmt":"2023-04-07T14:01:43","slug":"the-odp-corp-closes-104m-sale-leaseback-of-florida-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-odp-corp-closes-104m-sale-leaseback-of-florida-hq\/","title":{"rendered":"BH Group, PEBB Buy South Florida HQ for $104M"},"content":{"rendered":"
\"6600<\/a>

6600 N. Military Trail. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

The ODP Corp.<\/strong> has sold its 639,830-square-foot headquarters in Boca Raton, Fla., for roughly $104 million. BH Group<\/strong> and PEBB Enterprises <\/strong>acquired the asset in a partial sale-leaseback deal: The parent company of Office Depot and OfficeMax will maintain its headquarters in a portion of the building, totaling some 285,000 square feet, for at least two years.<\/p>\n

CommercialEdge information shows the building previously changed hands in 2017 for $132.1 million. The price was 26.9 percent higher than the one of the current transaction.<\/p>\n

In prepared remarks, Anthony Scaglione, CFO of ODP, said that the deal results in greater flexibility and lower operational costs for the company, allowing for improved asset utilization and shareholder returns.<\/p>\n

Situated at 6600 N. Military Trail, the five-story building came online in 2008 on a 29-acre lot. The LEED Gold-certified property features 2,431 parking spaces, according to CommercialEdge data.<\/p>\n

High prices in Florida<\/h2>\n

In Boca Raton, the 2022 end-of-year vacancy rate<\/a> was 11.7 percent, a Cushman & Wakefield<\/strong> report shows. Demand in the area, as for the rest of the Palm Beach, Miami and larger Florida markets, was much higher for Class A office properties than for other asset classes. The same research shows that at the end of last year, Boca Raton office asking rent prices per square foot averaged $40.94, with $46.86 for Class A assets.<\/p>\n

The Miami office market has started 2023 on a positive note, despite investments slowing down in response to lowered office space demand and rising interest rates. A recent CommercialEdge report<\/a> shows that the metro’s sales volume accounted for $332 million as of February, occupying the fourth position in the U.S. after Boston ($666 million), New Jersey ($423 million) and Manhattan ($351 million).<\/p>\n","protected":false},"excerpt":{"rendered":"

Office Depot\u2019s parent company will keep its headquarters at the property under a partial sale-leaseback deal.<\/p>\n","protected":false},"author":3006,"featured_media":1004656144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747],"tags":[32799,36611,40722],"class_list":["post-1004656143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","tag-cushman-wakefield","tag-office-depot","tag-pebb-enterprises"],"acf":[],"yoast_head":"\nBH Group, PEBB Buy South Florida HQ for $104M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The five-story Boca Raton building will still be ODP's headquarters for at least two years. 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