Berkadia Arranges Debt for BH Group & Pebb Enterprises’ Purchase of a 650,000SF Office Building Situated on 29 Acres in Boca Raton
The property was acquired for $104 million with a $63 million loan
BOCA RATON, FL (April 6, 2023) – Berkadia announces it has arranged the debt for the acquisition of a 650,000-square-foot office building situated on 29 acres in Boca Raton, Florida Managing Director Scott Wadler and Senior Managing Director Jaret Turkell of Berkadia South Florida, along with Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson and Matt Robbins and Vice President Michael Basinski secured the loan on behalf of a joint venture between Pebb Enterprises, a Boca Raton-based private equity real estate company, and Aventura-based BH Group, a private investment real estate company.
A bank lender provided a $63 million, fixed-rate loan.
“The Sponsors have demonstrated great foresight and strategic relationships as they work to transform this property into a more dynamic mixed-use campus in the heart of Boca Raton,” said Wadler. “The Boca Raton market has limited new office space which should lead to a timely lease up.”
Located at 6600 North Military Trail, the 650,000-square-foot office building was built in 2008 on a 28.9-acre site to serve as the corporate headquarters for Office Depot (Nasdaq: ODP). Located approximately five minutes west of I-95 off Yamato Road, it sits adjacent to The Old Course at Broken Sound and The Park at Broken Sound, and is located close to Lynn University and Florida Atlantic University, the Boca Raton Innovation Campus, and the Baptist Health Regional Hospital.
Office Depot will continue to occupy approximately half of the office building. The Sponsors plan to lease up the remaining vacant office space.