The Real Deal Miami

Butters Construction picks up Boca office complex for $6M

Butters paid $102 per square foot for the building, which will be partly leased to Rexall
By Sean Stewart-Muniz | May 04, 2016 04:30PM

851 Broken Sound

851 Broken Sound

Butters Construction just closed on its $6.125 million purchase of the Boca Raton offices that house Rexall Sundown, a nutritional supplement manufacturer.

County records show Butters bought the 60,000-square-foot office building at 851 Northwest Broken Sound Parkway, which was built in 1987.

Rexall had owned the building through its parent company Sundown Naturals since 1992. The supplement company originally paid $2.3 million, or about $38 per square foot.

Butters, which paid $102 per square foot for the building, now plans to lease back a portion of it to Rexall and will place the remaining space up for lease to multiple tenants.

“This is a classic value-add play,” CBRE’s Jeff Kelly, whose firm brokered the deal on behalf of Rexall, said in a news release about the sale.

The building is located within the Park at Broken Sound, formerly known as the Arvida Park of Commerce. Last year, two associations of property owners within the park launched a rebranding campaign and sought approvals for a host of new mixed-use developments. Their goal is to bring more than 1,000 residential units to the park, as well as 65,000 square feet of retail space.