PEBB Enterprises and the Toledano family’s BH Group took out a $89.9 million loan for part of its mixed-use redevelopment of the Office Depot headquarters campus in Boca Raton.
According to a news release from the developers, Boca Raton-based PEBB and Aventura-based BH Group will use the loan to refinance existing debt, and also to continue development of the Equinox facility and office tenant improvements at 6600 North Military Trail. City National Bank is the lender, along with Abanka.
PEBB, led by Ian Weiner, and BH Group are redeveloping the 29-acre campus, marking the continued boom in suburban office campuses in South Florida. The property, commonly known as Office Depot’s headquarters because the retail giant is based there, has been dubbed Eclipse.
Barcadia’s Scott Wadler and Michael Besinski arranged the financing.
PEB and BH are preserving and renovating two existing office buildings, spanning a combined 405,000 square feet, and creating a pair, or outparcel, that includes 21,500 square feet of retail and restaurant space. Outparcels will also have 37,000 square feet of Equinox.
Office tenants include Atlantic Pacific Companies, Connor & Pantaluga and MN8 Energy. Office Depot’s parent company, ODP Corporation, sold PEBB and BH Group Campus for $104 million in 2023, giving back a portion of the office space.
To replace the third office building, PEB and BH are partnering with the Perez family’s Coconut Grove-based group on a planned eight-story, 500-unit apartment building. Related bought the 10-acre multi-family development site in July for $50 million. The trio received final approval for the project in February.
BH Group has emerged as a South Florida developer and investor over the past three years. In February, it paid $83 million for a 10-story, 338-unit waterfront apartment complex at 7501 and 7525 East Treasure Drive in North Bay Village. It partnered with Mastol Capital on the $20 million-plus bulk condo purchase for the majority of the units in the aging Bayshore Park at 2545 South Bayshore Drive in Miami’s Coconut Grove, which it plans to redevelop into luxury condominiums.
In partnership with PEBB, BH and other related projects. In Fort Lauderdale, they plan a 33-story, 521-unit Quay on 17th Street mixed-use Direct Local Act tower at 1515 Southeast 17th Street. It will include six yacht marinas and some commercial space.
Across Florida, developers are snapping up aging suburban office campuses that have felt the sting from hybrid com, with plans to redevelop them into other property types.
The Bridge Industrial project plans to replace Doral’s eight-building corporate park at 7775 Northwest 48th Street with a pair of warehouses totaling 268,700 square feet.
In the Flagler Station Business Park, the Hamilton Development Office plans to redevelop the buildings at 9725 Northwest 117th Avenue and 10451 Northwest 117th Avenue with warehouses totaling more than 300,000 square feet. The properties are in unincorporated Miami-Dade County.
In the only popular office-to-residential conversion in South Florida, Keystone Development + Investment is working to build 212 apartments in office buildings at 9400 and 9500 South Dadeland Boulevard in Kendall, Miami-Dade County, near Dadeland Mall.
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South Florida
“A little more creative”: Developers take advantage of aging offices
