Office Depot's longstanding location in South Beach faces uncertainty after the sale of its building for $28.5 million to EOS Wellness Real Estate. The property, located in the upscale Sunset Harbour area, has housed the office supply store for over 20 years. While Office Depot continues operations, the sale brings the prospect of future high-end developments. The original asking price was $39 million, indicating strong investor interest despite the final deal being significantly higher than recent appraisals. Experts suggest the area’s desirability points to potential changes ahead for the neighborhood.
"It's an iconic piece of property," Karp said. "It's part of the fabric of this trendy neighborhood."
"We had higher bids" than $28.5 million, said Snitkin, but they moved forward with this deal because the "buyer was well-qualified."
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