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BOCA RATON, FL-After passing on the property more than a year ago, locally based L&J Acquisitions Inc. has bought the 91,805-sf former Rexall Sundown building at 6111 Broken Arrow Sound Parkway for $8.6 million or about $93.68 per sf. It will turn the property from a single-tenant building into office condos that Melissa Crowe, an L&J principal, says will sell for between $200 per sf and $250 per sf. At those rates, the projected sell-out is in the range of $23 million.

Mike Erikson, SVP, and Jeffrey Kelly, SVP and managing director of the Palm Beach County office of CB Richard Ellis, represented Rexall Sundown. Crowe and partner Jeff Schmier, spoke for L&J. The building was built in the late 1980s, Erikson says, and was empty for a couple of years.

L&J has approximately 70 different, primarily high-wealth individual investors, Crowe tells GlobeSt.com. “Typically, we identify a property, perform due diligence, and then identify a group of investors to acquire each particular property, which then becomes identified by an LLC named after its address. Over the past 20 years, we’ve acquired approximately six million sf in 13 states,” she says.

“We looked at this building more than a year ago and felt the price at the time, about $12 million, was too high,” she says. The price decrease made it feasible to “renovate and reposition it for condo office conversion.” L&J itself will take about 4,500 sf. Each of three floors contains about 33,000 sf. “We expect to offer suites of between 3,500 sf and 5,000 sf,” she says, “although we already have interest from someone seeking a full floor.” Marketing will begin within three to four weeks, and Crowe expects completion of the repositioning and sell-out within 18 to 24 months.

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