The Real Deal Miami

Former Office Depot center sold at 49 percent below mortgage value

June 01, 2011 03:52PM

A former Office Depot call center in Boca Raton has been sold at a 49 percent discount off of the value of the mortgage held by a commercial mortgage-backed securities fund that foreclosed on it. According to the South Florida Business Journal, the CMBS fund seized the 137,066-square-foot building, at 750 Park of Commerce Drive, after the previous owner, Cambridge Assets II, defaulted on its $13.6 million mortgage. Cambridge bought the building for $20 million in 2005, and it was picked up May 24 by an affiliate of Brookside Realty for $7 million — a 65 percent decline in value over a six-year period. Office Depot vacated the property four years ago. [SFBJ]