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PLANTATION, FL-A Florida investment group identified as Pine Island Commons LLC has acquired the 60,679-sf, three-story office building by that name at 8551 W. Sunrise Blvd. for nearly $10.3 million, or almost $169 per sf. It plans to convert the facility into office condo suites, ranging in size from 688 sf to 17,000 sf, at a selling price of $220 per sf.

The building is located on approximately 10.3 acres, “large enough to accommodate another 58,000-sf office building, or, potentially a mix of retail, residential and office,” says Scott Brenner, president of Fort Lauderdale-based Brenner Real Estate Group, who represented the buyer in the transaction. John Bell, SVP in the Miami office of Trammell Crow Co., represented the seller, ACP Office I LLC.

According to Bell, the property was built in 1985 and was 60.5% leased at the time of the sale. He heads TCC’s South Florida investment sales and its office condo practice. “We forecast the marketplace is ripe for more and more suburban office buildings being transformed into office condominium ownership,” he says.

The new owner assigned asset management and redevelopment of the building into office condos to Brenner’s firm. Agents Jolie M. Spergel and Adam C. Starr are managing the sales.

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