Pebb Enterprises and the Toledano family’s BH Group have secured an $89.9 million loan to support their redevelopment of the Office Depot headquarters campus in Boca Raton. The financing, provided by City National Bank with Abanca as a participant, will be used to refinance an existing loan and fund new development, including an Equinox fitness facility and ongoing office tenant improvements at 6600 North Military Trail.
The redevelopment project, now branded as The Eclipse, is situated on a 29-acre site. Pebb Enterprises, based in Boca Raton and led by Ian Weiner, and Aventura-based BH Group are preserving and renovating two office buildings totaling 405,000 square feet. They are also constructing two outparcels that will feature 21,500 square feet of retail and restaurant space as well as a 37,000-square-foot Equinox.
Scott Wadler and Michael Basinski from Berkadia arranged the financing for this transaction.
Current office tenants at the property include Atlantic Pacific Companies, Kanner & Pintaluga, and MN8 Energy. ODP Corporation sold the campus to Pebb Enterprises and BH Group in 2023 for $104 million while retaining a portion of the office space through a leaseback arrangement.
In partnership with Related Group—owned by the Pérez family—Pebb and BH plan to replace one of the original office buildings with an eight-story apartment building comprising 500 units. Related acquired the 10-acre multifamily development site for $50 million in July after receiving final approval for the project in February.
BH Group has been active in South Florida’s real estate market over recent years. In February, it purchased a waterfront apartment complex at 7501 and 7525 East Treasure Drive in North Bay Village for $83 million. The firm also partnered with Mast Capital on a bulk condo buyout at Bayshore Park in Miami’s Coconut Grove with plans to redevelop it into luxury condominiums.
Additionally, Pebb Enterprises, BH Group, and Related are collaborating on other projects such as The Quay at 17th Street—a planned mixed-use tower featuring residential units and commercial space—in Fort Lauderdale.
The move reflects a broader trend among developers who are repurposing aging suburban office campuses throughout South Florida due to changes brought about by hybrid work models. For example, Bridge Industrial intends to transform Corporate Park of Doral into warehouses spanning nearly 269,000 square feet (https://www.therealdeal.com/miami/2024/05/07/bridge-industrial-plans-warehouse-redevelopment-of-doral-office-campus/). Similarly, Hamilton Development is planning warehouse redevelopments at Flagler Station business park properties (https://www.therealdeal.com/miami/2024/06/03/dallas-firm-plans-warehouse-redevelopment-at-flagler-station-business-park-in-miami-dade/) located in unincorporated Miami-Dade County.
Keystone Development + Investment is undertaking what is considered South Florida’s only known office-to-residential conversion by transforming two Kendall-area office buildings into apartments near Dadeland Mall (https://www.therealdeal.com/miami/2024/04/26/philly-firm-plans-office-to-apartment-conversion-in-kendall-near-dadeland-mall/).
