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FORT LAUDERDALE, FL-What goes around comes around is an industry cliché but for Boca Raton developer Thomas Crocker it is happening. Crocker, who has bought and sold millions of dollars worth of commercial properties in his 30-year career, has purchased a prime 1.5-acre, office-zoned, vacant Downtown site for $14.9 million or about $228 per sf, Fort Lauderdale office brokers in a position to know tell GlobeSt.com.

The seller was Houston-based Camden Property Trust which acquired Charlotte, NC-based Summit Properties Inc. in 2005 for $1.9 billion, as GlobeSt.com previously reported. Summit had bought the 1.5 acres from Crocker in 2001 for $2.9 million or $1.93 million per acre and $44.38 per sf. The site is currently used as a parking lot. The $14.9-million price equates to $9.93 million per acre.

Crocker couldn’t be reached by GlobeSt.com’s publication deadline to learn his plans for the lot. However, construction sources who have worked with the developer over the years on several office developments tell GlobeSt.com he also plans an office structure on the Downtown site. The site is between the One Financial Plaza office tower and the Camden Las Olas high-rise apartment building along Southeast Second Street.

Brokers and marketers familiar with the Downtown submarket tell GlobeSt.com Crocker’s timing for the construction of a new office building may be right since there hasn’t been a new office tower completed Downtown in the last four years. Cushman & Wakefield of Florida Inc. research puts the Downtown office vacancy level at 13.2%.

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