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                                                                   EXHIBIT 10.24
 
                          PURCHASE AND SALE AGREEMENT
 
     THIS AGREEMENT is made and entered into as of the 26th day of August 1997,
by and between Levitz Furniture Corporation, a Florida corporation. ("Seller"),
and Rexall Sundown, Inc., a Florida corporation and/or assigns ("Purchaser"). In
consideration of the mutual covenants and promises set forth in this Agreement
and other good and valuable consideration, the receipt and sufficiency of which
are acknowledged by the parties to this Agreement, the parties agree to the
following terms and conditions:
 
     1. PURCHASE AND SALE.  Subject to the terms of this Agreement, Seller
agrees to sell to Purchaser and Purchaser agrees to purchase from Seller the
following property (collectively, the "Property"):
 
          1.1 That certain parcel of property located in Palm Beach County,
     Florida, having a street address of 6111 Broken Sound Parkway, Boca Raton,
     Florida, as more particularly described in Schedule "A" (the "Realty");
 
          1.2 The land and all buildings, structures and other improvements
     situated on the Realty (the "Improvements");
 
          1.3 All fixtures, equipment, furnishings and other items of property
     (other than furniture and files and similar personal property used by
     Seller in its ordinary business) whatsoever used or useful in the
     operation, repair and maintenance of the Realty, situated on the Realty,
     and owned by Seller (the "Personalty");
 
          1.4 All licenses, permits, and contracts rights pertaining to
     ownership and/or operation of the Realty, Improvements or Personalty;
 
          1.5 All general intangible rights pertaining to the ownership and/or
     operation of the Realty; and
 
          1.6 All strips, gores, easements, privileges, rights-of-way, riparian
     and other water rights, rights to lands underlying any adjacent streets or
     roads, and other tenements, hereditaments and appurtenances, if any,
     pertaining to or accruing to the benefit of the Realty and Improvements.
 
     2. EFFECTIVE DATE.  If this Agreement is not executed and delivered, by
each party to it, to all parties on or before August 27th, 1997, at 5:00 p.m.,
this Agreement shall, after that time, be null and void and of no further force
and effect. The date of this Agreement, for purposes of performance, shall be
the date when the last one of Seller or Purchaser has signed this Agreement, as
stated on the signature page (the "Effective Date").
 
     3. CLOSING DATE.  Subject to other provisions of this Agreement for
extension, closing on the transaction described in this Agreement (the
"Closing") shall be held at the offices of the attorneys for Purchaser, Gunster,
Yoakley, Valdes-Fauli and Stewart, P.A., in Fort Lauderdale, Florida on the
business day which is forty-five (45) days after the Effective Date (the
"Closing Date"). The parties understand that, if all documents are prepared and
agreed upon in advance, the parties will cooperate with each other to close by
mail.
 
     4. DEPOSIT.
 
          4.1 To secure the performance of Purchaser of Purchaser's obligations
     under this Agreement, Purchaser has delivered to the law firm of Gunster,
     Yoakley, Valdes-Fauli and Stewart, P.A., as escrow agent ("Escrow Agent"),
     the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) by check,
     the proceeds of which shall be held in trust as an earnest money deposit
     (the "Initial Deposit") by Escrow Agent, and disbursed only in accordance
     with the terms of this Agreement. If Purchaser elects not to cancel this
     Agreement during the Investigation Period, as more particularly described
     in Section 10 of this Agreement, then within one (1) business day following
     the expiration of said Investigation Period, Purchaser shall deliver to
     Escrow Agent a check in the sum of Five Hundred Thousand and No/100 Dollars
     ($500,000.00) (the "Additional Deposit") to be held together with, and on
     the same terms and
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     conditions as, the Initial Deposit. Once the Additional Deposit is paid to
     Escrow Agent, the term "Deposit" shall mean the Initial Deposit plus the
     Additional Deposit; prior to such payment, whenever used in this Agreement,
     the term "Deposit" shall mean only the Initial Deposit.
 
          4.2 Provided Purchaser executes the appropriate tax forms, Escrow
     Agent shall use its good efforts to invest the Deposit in an interest
     bearing account or certificate of deposit maintained at Republic Security
     Bank, 777 South Flagler, Suite 148, West Palm Beach, FL (561) 655 5424
     Attn: Nancy Mecerra, Branch Manager. All interest accrued or earned on the
     Deposit shall be paid or credited to Purchaser except in the event of a
     default by Purchaser and not by Seller.
 
          4.3 Purchaser and Seller acknowledge that if the Deposit is at any
     time in excess of $100,000 then the amount over $100,000.00 shall not be
     insured, and both parties hold Escrow Agent harmless from all losses and
     costs and liabilities which may accrue or be incurred related to such lack
     of insurance.
 
     5. PURCHASE PRICE.
 
          5.1 The total purchase price (the "Purchase Price") to be paid by
     Purchaser to Seller for the Property is Eight Million One Hundred Thousand
     and No/100 Dollars ($8,100,000.00).
 
          5.2 The Purchase price shall be paid to Seller as follows:
 
<TABLE>
<S>            <C>
$1,000,000.00  the Deposit described in Section 4 of this Agreement, which
               shall be paid to Seller at Closing;
 
$7,100,000.00  approximately, in cash at Closing, subject to prorations and
               adjustment as provided in this Agreement, to be paid by wire
               transfer of federal funds.
 
$8,100,000.00  Total Purchase Price
</TABLE>
 
     6. EXISTING MORTGAGE.  Seller acknowledges that the Property is subject to
a blanket mortgage ("Existing Mortgage") and any note it secures (the "Existing
Note"), both as described in Schedule "B". Seller represents and warrants to
Purchaser that:
 
             6.0.1 There are no amendments, modifications, or other agreements
        or understandings affecting the Property with respect to the Existing
        Note and Existing Mortgage except as set forth in Schedule "B";
 
             6.0.2 The Existing Note and Existing Mortgage do not require the
        consent of the holder of them for the timely consummation of this
        transaction.
 
          6.1 At least twenty (20) days prior to Closing, Seller shall deliver
     to Purchaser an appropriate estoppel and instruction letter from the holder
     of the Existing Note and Existing Mortgage providing for payment(if
     applicable) and release or satisfaction of the Existing Note and Existing
     Mortgage at Closing. At Closing, Seller shall deliver to Purchaser an
     updated estoppel and instruction letter and, if required by Purchaser's
     title underwriter to be delivered at Closing, a duly executed Release of
     Mortgage, in form acceptable to Purchaser's title insurer.
 
          6.2 The provisions of this section shall survive the Closing.
 
     7. TITLE EVIDENCE.  Within three (3) days following the Effective Date,
Seller, at Seller's expense, shall deliver to Purchaser's attorneys, Gunster,
Yoakley, Valdes-Fauli & Stewart, P.A., Attention: Julie A.S. Williamson a title
insurance commitment (the "Title Commitment") written on First American Title
Insurance Company (together with hard copies of all exceptions to title shown on
them), and any abstract of title for the Property which it may have or have
access to (together, the "Title Evidence"). At Seller's expense, a computer
title update shall be obtained, within ten (10) days before Closing. The title
evidence shall show Seller to be vested with good and marketable and insurable
fee simple title to the Realty,
 
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free and clear of all liens, encumbrances, leases, tenancies, covenants,
conditions, restrictions, rights-of-way, easements and other matters affecting
title, except the following matters (the "Permitted Exceptions"):
 
          7.1 Ad valorem real estate taxes for 1997 and subsequent years;
 
          7.2 All applicable zoning ordinances and regulations;
 
          7.3 All matters shown on Schedule "C".
 
     Title shall be deemed good, marketable and insurable only if Purchaser can
obtain an Owner's ALTA Form B Marketability Policy from Forst American Title
Insurance Company, at standard rates, containing no exceptions other than those
specifically permitted above. The cost of title evidence shall be paid by
Seller. The cost of the title insurance shall be paid by Seller.
 
     8. SURVEY.
 
          8.1 Within five (5) days from the Effective Date, Seller shall also
     deliver to Purchaser, at Seller's expense, a survey (the "Survey") of the
     Realty, current to at least July 31, 1996. If the Survey does not include
     the following matters, Purchaser may have it modified to include them:
 
             8.1.1 meet the minimum technical standards of the Florida Board of
        Land Surveyors;
 
             8.1.2 set forth the total number of square feet and acres in the
        Realty and the number and type of parking spaces;
 
             8.1.3 show the location of all improvements, parcels (if any) in
        the legal descriptions of the Realty, utility and other lines,
        easements, either visible or recorded, and recording references of them;
 
             8.1.4 include elevation and flood zone information;
 
             8.1.5 show all setback lines established by law and regulation, and
        the actual setbacks of the Improvements;
 
             8.1.6 show all of the exceptions which are reflected in the Title
        Commitment which Seller shall have delivered to Purchaser; and
 
             8.1.7 include the accurate legal description.
 
     The cost of including these matters, and of updating the Survey, and of
certifying it to the Purchaser, Purchaser's attorney, Seller, Seller's attorney,
and the title underwriter, shall be reimbursed to Purchaser by Seller, up to a
maximum of $1000.
 
          8.2 If the Survey (including any additional matters which Purchaser or
     its title insurer may require), as updated, shall reflect any
     encroachments, overlaps, unrecorded easements or similar rights in third
     parties, or any other adverse matters not specifically provided for in this
     Agreement, then the same shall be deemed "title defects" as set forth in
     Section 9.
 
     9. TITLE DEFECTS.
 
          9.1 Purchaser shall have twenty (20) days from receipt of the Title
     Evidence and the Survey (updated and modified, if applicable, to meet the
     requirements of Section 8), respectively, within which to examine each of
     them. If Purchaser finds title to be defective, Purchaser shall, no later
     than the end of each such twenty (20) day examination period, notify Seller
     in writing specifying the title defect(s). If Purchaser fails to give
     Seller written notice of any title defect(s) before the expiration of each
     such twenty (20) day period, the defects shown in the Title Evidence or
     Survey shall be deemed to be waived as title objections to closing this
     transaction.
 
          9.2 If Purchaser has given Seller timely written notice of defect(s)
     and the defect(s) render the title other than as represented in this
     Agreement, Seller shall use Seller's best efforts to cause such defects to
     be cured by the Closing Date. Seller agrees to remove by payment, bonding,
     or otherwise any lien against the Property capable of removal by the
     payment of money or bonding. Seller shall not be obligated to
 
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     bring suit, if necessary, to cure any other defect; Purchaser, however,
     shall then have the options described in Section 9.3. At either party's
     option, the Closing Date may be extended for a period not to exceed sixty
     (60) days for purposes of eliminating any title defects.
 
          9.3 If Seller does not eliminate such defects as of the Closing Date
     as the same may be extended under the preceding sentence, or if any new
     "title defects" appear from the date of the Title Evidence through the
     Closing Date, which Seller does not eliminate as of the Closing Date,
     Purchaser shall have the option to:
 
             9.3.1 Close and accept the title "as is", without reduction in the
        Purchase Price and without claim against Seller for such title defects
        (except for any lien or other matter that can be removed by the payment
        of money or bonding, for which credit shall be given Purchaser at the
        Closing); in such event the Closing shall take place ten (10) days after
        notice of such election, or on the Closing Date, whichever is later; or
 
             9.3.2 Cancel this Agreement, in which event Escrow Agent shall
        return the Deposit together with all interest earned on it to Purchaser;
        upon such return of the Deposit, both parties shall be released from all
        further obligations under this Agreement, unless such defects were
        caused by Seller's willful act or willful omission, in which event
        Seller shall remain liable to Purchaser for damages caused by the
        defects.
 
     10. INVESTIGATION PERIOD.
 
          10.1 During the Investigation Period, as defined below, Purchaser
     shall have the right to conduct, at Purchaser's expense, whatever
     investigations, analyses and studies of the Property that Purchaser may
     deem appropriate to satisfy Purchaser with regard to:
 
             10.1.1 the physical condition of the building(s) and other
        improvements included in the Property, including their structure, roofs,
        air conditioning, heating, electrical, plumbing and other mechanical
        systems;
 
             10.1.2 the physical condition of all fixtures, equipment,
        furnishings and other items of property referred to in Section 1 above,
        an inventory of which shall be furnished by Seller at Seller's expense
        within ten (10) days following the execution of this Agreement;
 
             10.1.3 the permitted uses of and improvements to the Property under
        applicable building and zoning ordinances and the present compliance or
        non-compliance with the same;
 
             10.1.4 evidence of any hazardous waste or similar materials, and of
        Radon, in, on, under or about the Property;
 
             10.1.5 all existing contracts and agreements affecting the
        Property, if any; and
 
             10.1.6 Seller's operating statements for the last three (3) years
        (but not separate business records of Seller's ongoing business) for the
        Property for the period of Seller's ownership, which statements and
        related books and records Seller shall make available to Purchaser at
        all reasonable times at the Property.
 
          10.2 If Purchaser for any reason and in Purchaser's exclusive judgment
     and sole discretion, elects to terminate this Agreement, then Purchaser may
     cancel this Agreement by notifying Seller of such cancellation on or before
     5:00 p.m. on the thirtieth (30th) day (assuming it is a business day,
     otherwise on the next ensuring business day) following the Effective Date
     (the "Investigation Period"), whereupon Escrow Agent shall return the
     Deposit together with all interest earned on it to Purchaser and both
     parties shall be released from all further obligations under this
     Agreement. No inquiry, examination, or analysis made by Purchaser (or the
     results of them) shall reduce, limit or otherwise affect the
     representations and warranties made by Seller in this Agreement.
 
          10.3 Seller shall cooperate with Purchaser in Purchaser's
     investigations and review of all records related to the Property.
     Notwithstanding any provisions in this Agreement to the contrary, Seller
     agrees,
 
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     covenants, represents and warrants that Seller will not enter into any new
     agreements with any tenants or occupants on or after the Effective Date.
 
          10.4 The provisions of this section shall survive the Closing.
 
     11. SELLER'S AND PURCHASER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.
 
          11.1 Seller represents and warrants to Purchaser and covenants and
     agrees with Purchaser as follows:
 
             11.1.1 Seller has not entered into any contracts, subcontracts,
        arrangements, licenses, concessions, easements, or other agreements,
        either recorded or unrecorded, written or oral, affecting all or any
        portion of the Property, or the use of it, other than those agreements
        set forth in Schedule "D"; each instrument in Schedule "D" may be
        canceled by Purchaser upon not more than thirty (30) days' notice and
        without payment of premium or penalty for such cancellation except as
        otherwise set forth in Schedule "D"; Seller shall not modify any of the
        instruments identified in Schedule "D", nor enter into any new contact
        or other agreement affecting all or any portion of the Property, or the
        use of it, without the prior written consent of Purchaser, which consent
        will not be unreasonably withheld or delayed;
 
             11.1.2 To the best of Seller's knowledge and as shown by the Title
        Commitment, there are no (i) existing or pending improvement liens
        affecting the Property; (ii) violations of building codes and/or zoning
        ordinances or other governmental or regulatory laws, ordinances,
        regulations, orders or requirements affecting the Property; (iii)
        existing, pending or threatened lawsuits or appeals of prior lawsuits
        affecting the Property; (iv) existing, pending or threatened
        condemnation proceedings affecting the Property; or (v) existing,
        pending or threatened zoning, building or other moratoria, downzoning
        petitions, proceedings, restrictive allocations or similar matters that
        could affect Purchaser's use of the Property;
 
             11.1.3 Seller is vested with good and marketable and insurable fee
        simple title to the Property subject only to the Permitted Exceptions;
        Seller is vested with good and marketable title to all fixtures,
        equipment, furnishings and other items of property referred to in
        Section 1, free of all financing and other liens or encumbrances other
        than the Existing Mortgage;
 
             11.1.4 Seller shall comply prior to Closing with all laws, rules,
        regulations and ordinances of all governmental authorities having
        jurisdiction over the Property;
 
             11.1.5 Seller has not received notice of the existence of
        violations of law or regulations in regard to radon or other hazardous
        materials or waste in the Improvements which are above government
        approved levels for radon, hazardous materials or waste on, in, under or
        about the Property, except as may be described in the reports prepared
        by Law Engineering Services, Inc., prepared July and August 1997, copies
        of which Seller is immediately delivering to Purchaser.
 
             11.1.6 Seller shall provide, and keep in force through the Closing,
        its present policies of fire, flood, windstorm, hazard and other
        casualty insurance;
 
             11.1.7 Seller has not received notices of violations of law or
        regulations in regard to zoning, permits, or similar matters; except for
        the provisions of any agreements specified in Schedule B-2 of the Title
        Commitment, Seller does not know of any zoning resolution, ordinance,
        covenant, agreement, or the like that could prohibit or frustrate any
        use of the Property now being made or otherwise permissible under the
        current zoning classification in the absence of such conditions or
        restrictions;
 
             11.1.8 There are no agreements currently in effect which restrict
        the sale of the Property;
 
             11.1.9 Seller has the right, power and authority to execute and
        deliver this Agreement and to consummate the transactions contemplated
        by it; neither the execution and delivery of this Agreement nor the
        consummation of the transactions contemplated by it nor the fulfillment
        of nor
 
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        the compliance with the terms, conditions and provisions of this
        Agreement will conflict with or result in a violation or breach of any
        other instrument or agreement of any nature to which Seller is a party
        or by which it is bound or may be affected, or constitute (with or
        without the giving of notice or the passage of time) a default under
        such an instrument or agreement; no consent, approval, authorization or
        order of any person is required with respect to the consummation of the
        transactions contemplated by this Agreement;
 
             11.1.10 To the best of Seller's knowledge and belief, no
        commitments or agreements have been or will be made to any governmental
        authority, utility company, school board, church or other religious
        body, any homeowners or homeowners' association, or any other
        organization, group or individual, relating to the Property which would
        impose an obligation upon Purchaser to make any contributions or
        dedications of money or land to construct, install or maintain any
        improvements of a public or private nature on or off the Realty, or
        otherwise impose liability on Purchaser; Purchaser acknowledges,
        however, that there are ongoing assessments to be made to the Arvida
        Park of Commerce West Association, Inc. for maintenance, security
        guards, and similar matters (for which Seller shall obtain an estoppel
        letter prior to Closing);
 
             11.1.11 At all times during the term of this Agreement and as of
        Closing, all of Seller's representations, warranties and covenants in
        this Agreement, including but not limited to those in Sections 10.3 and
        11, shall be true and correct; no representation or warranty by Seller
        contained in this Agreement and no statement delivered or information
        supplied to Purchaser pursuant to this Agreement contains any untrue
        statement of a material fact or omits to state a material fact necessary
        in order to make the statements or information contained in them or in
        this Agreement not misleading.
 
          11.2 Purchaser represents and warrants to Seller that Purchaser has
     the right, power and authority to execute and deliver this Agreement and to
     consummate the transactions contemplated by it; neither the execution and
     delivery of this Agreement nor the consummation of the transactions
     contemplated by it nor the fulfillment of nor the compliance with the
     terms, conditions and provisions of this Agreement will conflict with or
     result in a violation or breach of any other instrument or agreement of any
     nature to which Purchaser is a party or by which it is bound or may be
     affected, or constitute (with or without the giving of notice or the
     passage of time) a default under such an instrument or agreement; no
     consent, approval, authorization or order of any person is required with
     respect to the consummation of the transactions contemplated by this
     Agreement;
 
          11.3 The provisions of this section and all other representations,
     warranties and covenants of Seller or Purchaser otherwise specified in this
     Agreement shall survive the Closing.
 
     12. CONDITIONS PRECEDENT.
 
          12.1 An express condition precedent to Purchaser's and Seller's
     respective obligations to close this transaction is the truth and
     correctness of all of the other party's representations and warranties and
     the fulfillment of all of the other party's covenants at all times during
     the term of this Agreement and as of Closing, and no inquiry, analysis or
     examination made by Purchaser or Seller (or the results of them), as
     applicable, shall reduce, limit or otherwise affect said representations,
     warranties and covenants of the other.
 
          12.2 Purchaser is in the process of applying for grants from Palm
     Beach County's and the State of Florida's job incentive and tax incentive
     programs, in regard to Purchaser's intended use of the Property. An express
     condition precedent to Purchaser's obligation to close this transaction is
     Purchaser's receipt of approval from Palm Beach County and from the State
     of Florida with respect to these job incentive and tax incentive programs.
     If Purchaser does not duly terminate this Agreement before the end of the
     Investigation Period, then Purchaser shall be deemed to have waived this
     condition precedent.
 
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     13. DEFAULT BY SELLER.
 
          13.1 If any of Seller's representations and warranties are not true
     and correct or Seller's covenants are not fulfilled or all other conditions
     precedent are not met as of Closing (or earlier specified date, if any), or
     Seller fails to perform any of the terms and conditions of this Agreement
     or is otherwise in default under this Agreement, then Purchaser, at
     Purchaser's sole option, may elect to:
 
             13.1.1 Waive the default or failure and close "as is"; or
 
             13.1.2 Cancel this Agreement by written notice to Seller given on
        or before the Closing Date, in which event Escrow Agent shall return the
        Deposit together with all interest earned on it to Purchaser and Seller
        shall reimburse Purchaser its actual out of pocket expenses incurred in
        its investigations of, and contracting in regard to, the Property (up to
        a maximum of $50,000); upon such return, both parties shall be released
        from all further obligations under this Agreement (except for those
        which are specified to or which by their nature survive the Closing or
        earlier termination of this Agreement); or
 
             13.1.3 Seek specific performance of Seller's obligations under this
        Agreement.
 
          13.2 The provisions of this section shall survive the Closing.
 
     14. DEFAULT BY PURCHASER.  In the event of the failure or refusal of
Purchaser to close this transaction, without fault on Seller's part and without
failure of title or any conditions precedent to Purchaser's obligations under
this Agreement, Seller at Seller's option shall as its sole remedies (i) have
the right to receive Three Hundred Fifty Thousand and No/100 Dollars
($350,000.00) of the Deposit together with all interest earned on it as agreed
and liquidated damages for said breach, and as Seller's sole and exclusive
remedy for default of Purchaser (except for those matters which are specified to
or which by their nature shall survive the Closing or the earlier termination of
this Agreement), and the remainder of the Deposit shall be returned to
Purchaser, whereupon the parties shall be relieved of all further obligations
under this Agreement except for those matters which are specified to or which by
their nature shall survive the Closing or the earlier termination of this
Agreement; or, alternatively, (ii) Seller shall have the right to seek specific
performance of Purchaser's obligations under this Agreement.
 
     15. PRORATIONS.
 
          15.1 Real estate and personal property taxes, insurance, rents,
     interest, cost and revenues and all other proratable items shall be
     prorated as of the Closing Date. In the event the taxes for the year of
     Closing are unknown, the tax proration will be based upon the mileage rate
     as announced at day of Closing, and the then-latest tax appraiser's
     assessment of the Property; at the request of either party, such taxes for
     the year of Closing shall be reprorated and adjusted when the tax bill for
     the year of Closing is received and the actual amount of taxes is known.
 
          15.2 The provisions of this section shall survive the Closing.
 
     16. IMPROVEMENT LIENS.
 
          16.1 Certified, confirmed or ratified liens for governmental
     improvements or special assessments as of the Closing Date, if any, shall
     be paid in full by Seller, and pending liens for governmental improvements
     or special assessments as of the Closing Date shall be assumed by
     Purchaser, provided that where the improvement has been substantially
     completed as of the Closing Date, such pending lien shall be considered
     certified.
 
          16.2 The provisions of this section shall survive the Closing.
 
     17. DOCUMENTARY STAMPS AND INTANGIBLE TAXES.  At the Closing, Seller shall
pay the documentary stamps and surtax, if any, due on the warranty deed of
conveyance, the recording cost of any items necessary to clear title, the cost
of title evidence and updates and the premium for the owner's title policy, the
cost of delivery of a copy of the existing Survey and the cost of any work
required for the Survey to meet the standards of this Agreement, and its own
attorney's fees. Purchaser shall pay the recording cost of
 
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the deed and its own attorney's fees, the cost of updating the Survey and of
certifying it to the Purchaser, its attorneys and its title underwriter.
 
     18. CLOSING.
 
          18.1 Seller shall convey title to the Property by good and sufficient
     Special Warranty Deed subject only to the Permitted Exceptions (which, if
     Purchaser requests, shall not be specifically enumerated). Seller shall
     also deliver to Purchaser at the Closing:
 
             18.1.1 a mechanic's lien affidavit, to the title insurer and
        Purchaser, in form acceptable to Purchaser's title insurer to delete the
        standard exception relating to such liens in Purchaser's owner's title
        insurance policy;
 
             18.1.2 an affidavit, to the title insurer and Purchaser, that there
        are no unrecorded easements and that Seller has exclusive possession of
        the Property and that Seller has done nothing to change the state of
        facts shown on the Survey, in form acceptable to Purchaser's title
        insurance to delete the standard exceptions relating to such matters in
        Purchaser's owner's title insurance policy;
 
             18.1.3 a gap affidavit and indemnification sufficient for
        Purchaser's title underwriter to delete the "gap" at Closing;
 
             18.1.4 instruments necessary to clear title, if any, including
        those required to remove standard exceptions from the title policy;
 
             18.1.5 an appropriate bill of sale with warranty of title for the
        Personalty;
 
             18.1.6 appropriate assignments of all licenses, easements,
        rights-of-way, contract rights, intangible rights and other property and
        rights included in this transaction;
 
             18.1.7 appropriate restatements of Seller's covenants,
        representations and warranties which are to survive Closing;
 
             18.1.8 an affidavit that the Property does not constitute all or
        substantially all of the assets of Seller and is not essential to its
        business, or satisfactory evidence that the shareholders of Seller have
        ratified this transaction and otherwise conformed with applicable
        statutes;
 
             18.1.9 appropriate evidence of Seller's corporate or partnership
        existence and authority to sell and convey the Property, including
        without limitation a certificate from the Secretary of State of Florida
        of qualification to transact business in Florida together with certified
        copies of any document filed with such articles; a certificate of due
        incorporation and good standing from the appropriate governmental
        authorities; and a certified copy of the resolution of Seller's board of
        directors identifying Seller's officers and authorizing this transaction
        and authorizing its officer(s) to execute all requisite documents,
        including the Special Warranty Deed;
 
             18.1.10 an assignment of all rights under any guarantees and
        warranties, to the extent assignable;
 
             18.1.11 a non-foreign certificate and other documentation as may be
        appropriate and satisfactory to Purchaser to meet the non-withholding
        requirements under FIRPTA and any other federal statute or regulations
        (or, in the alternative, Seller shall cooperate with Purchaser in the
        withholding of funds pursuant to FIRPTA regulations);
 
             18.1.12 an appropriate reporting form to be submitted with the deed
        at time of recordation.
 
             18.2 Seller and Purchaser shall each execute such other documents,
        including a closing statement, as are reasonably necessary to consummate
        this transaction.
 
     19. BROKERS.  The parties each represent and warrant to the other that the
only real estate brokers, salesman or finders involved in this transaction are
Keller Williams Realty and Lancore Realty who represent Purchaser (together,
"Purchaser's Brokers"), and Grubb & Ellis Realty ("Seller's Broker"); Seller
shall pay all real estate commissions owing to said brokers, with payment 50% to
Purchaser's Brokers and 50% to
 
                                        8
<PAGE>   9
 
Seller's Broker). If a claim for brokerage or similar fees in connection with
this transaction is made by any broker, salesman or finder other than the
above-named broker claiming to have dealt through or on behalf of one of the
parties to this Agreement, then that party shall indemnify, defend and hold the
other party under this Agreement harmless from all liabilities, damages, claims,
costs, fees and expenses whatsoever (including reasonable attorneys' fees and
court costs, including those for appellate matters) with respect to said claim
for brokerage. The provisions of this section shall survive the Closing.
 
     20. ASSIGNABILITY.  Purchaser shall be entitled to assign Purchaser's
rights and obligations under this Agreement to any entity related to Purchaser
or its principals, upon the assumption thereof by the assignee, Purchaser shall
be released from its obligations under this Agreement as of the time of Closing.
 
     21. ESCROW AGENT.
 
          21.1 Escrow Agent undertakes to perform only such duties as are
     expressly set forth in this Agreement. Escrow Agent shall not be deemed to
     have any implied duties or obligations under or related to this Agreement.
     Escrow Agent is the law firm representing Purchaser. In the event of a
     dispute between the parties, the parties consent to Escrow Agent continuing
     to represent Purchaser, notwithstanding that Escrow Agent shall continue to
     have the duties provided for in this Agreement.
 
          21.2 Escrow Agent may (a) act in reliance upon any writing or
     instrument or signature which it, in good faith, believes to be genuine;
     (b) assume the validity and accuracy of any statement or assertion
     contained in such a writing or instrument; and (c) assume that any person
     purporting to give any writing, notice, advice or instructions in
     connection with the provisions of this Agreement has been duly authorized
     to do so. Escrow Agent shall not be liable in any manner for the
     sufficiency or correctness as to form, manner of execution, or validity of
     any instrument deposited in escrow, nor as to the identify, authority, or
     right of any person executing any instrument; Escrow Agent's duties under
     this Agreement are and shall be limited to those duties specifically
     provided in this Agreement.
 
          21.3 The parties to this Agreement do and shall indemnify Escrow Agent
     and hold it harmless from any and all claims, liabilities, losses, actions,
     suits or proceedings at law or in equity, or other expenses, fees, or
     charges of any character or nature, including attorneys' fees and costs,
     which it may incur or with which it may be threatened by reason of its
     action as Escrow Agent under this Agreement, except for such matters which
     are the result of Escrow Agent's gross negligence or willful malfeasance.
     Escrow Agent shall be vested with a lien on all property deposited under
     this Agreement for the purpose of such indemnification, and for any other
     expense, fees or charges of any character or nature, which may be incurred
     by Escrow Agent in its capacity as escrow agent. Escrow Agent has and shall
     have the right, regardless of any instructions, to hold the property
     deposited in escrow until and unless said additional expenses, fees and
     charges shall be fully paid.
 
          21.4 If the parties (including Escrow Agent) shall be in disagreement
     about the interpretation of this Agreement, or about their respective
     rights and obligations, or about the propriety of any action contemplated
     by Escrow Agent, Escrow Agent may, but shall not be required to, file an
     action in interpleader to resolve the disagreement; upon filing such
     action, Escrow Agent shall be released from all obligations under this
     Agreement. Escrow Agent shall be indemnified for all costs and reasonable
     attorneys' fees, including those for appellate matters and for paralegals
     and similar persons, incurred in its capacity as escrow agent in connection
     with any such interpleader action; Escrow Agent may represent itself in any
     such interpleader action and charge its usual and customary legal fees for
     such representation, and the court shall award such attorneys' fees,
     including those for appellate matters and for paralegals and similar
     persons, to Escrow Agent from the losing party. Escrow Agent shall be fully
     protected in suspending all or part of its activities under this Agreement
     until a final judgment in the interpleader action is received.
 
          21.5 Escrow Agent may consult with counsel of its own choice,
     including counsel within its own firm, and shall have full and complete
     authorization and protection in accordance with the opinion of such
     counsel. Escrow Agent shall otherwise not be liable for any mistakes of
     fact or errors of judgment, or for any acts or omissions of any kind unless
     caused by its gross negligence or willful misconduct.
 
                                        9
<PAGE>   10
 
          21.6 Escrow Agent may resign upon five (5) days' written notice to
     Seller and Purchaser. If a successor escrow agent is not appointed jointly
     by Seller and Purchaser within the five (5) day period, Escrow Agent may
     petition a court of competent jurisdiction to name a successor.
 
          21.7 The provisions of this section shall survive the Closing and also
     the cancellation of this Agreement.
 
     22. NOTICES.  Any notices required or permitted to be given under this
Agreement shall be delivered by hand, mailed by certified or registered mail,
return receipt requested, in a postage prepaid envelope, or delivered by a
nationally recognized overnight delivery service, and addressed as described
below; notices shall be deemed effective only upon receipt or refusal of
delivery.
 
Notices to Purchaser:        851 Broken Sound Parkway NW
                             Boca Raton, FL 33487-3693
                             Attn: Richard Werber, Esq.
                             (tel) 561-241-9400
                             (fax) 561-995-0085
 
With a copy to:              Gunster, Yoakley, Valdes-Fauli & Stewart, P.A.
                             One Biscayne Tower, Suite 3400
                             Two South Biscayne Blvd.
                             Attn: Julie A.S. Williamson, Esq.
                             (tel) 305-376-6002
                             (fax) 305-376-6010
 
Notices to Seller:           Levitz Furniture Corporation
                             6111 Broken Sound Parkway N.W.
                             Boca Raton, FL 33487
                             Attn: Edward P. Zimmer, Esq.
                             (tel) 561-994-6006
                             (fax) 561-998-5615
 
With a copy to:              Proskauer Rose LLP
                             2255 Glades Road, Suite 340 West
                             Boca Raton, FL 33431-7383
                             Attn: Christopher Wheeler, Esq.
                             (tel) 561-241-7400
                             (fax) 561-241-7145/8153
 
Notices to Escrow Agent:     Gunster, Yoakley, Valdes-Fauli & Stewart, P.A.
                             One Biscayne Tower, Suite 3400
                             Two South Biscayne Blvd.
                             Attn: Julie A.S. Williamson, Esq.
 
     23. RISK OF LOSS.
 
          23.1 The Property shall be conveyed to Purchaser in the same condition
     as on the date of this Agreement, ordinary wear and tear excepted, free of
     all tenancies or occupancies except for Seller's continued occupancy as
     provided in this Agreement. Seller shall not remove anything from the
     Property between the date of this Agreement and Closing.
 
          23.2 Upon receipt of an offer or any notice or communications from any
     governmental or quasi-governmental body seeking to take under its power of
     eminent domain all or any portion of the subject property, Seller shall
     promptly notify Purchaser of the receipt of same and shall send such
     communication, or a copy of it, to Purchaser. Upon receipt of such notice,
     Purchaser shall have the right to rescind this Agreement by delivery of
     written notice to Seller within thirty (30) days of Purchaser's receipt of
     the communication from Seller. In the event Purchaser elects to rescind,
     then Purchaser shall receive a refund of the Deposit [together with all
     interest earned on it], in which case both parties shall be relieved
 
                                       10
<PAGE>   11
 
     of all further obligations under this Agreement. In the event Purchaser
     elects not to rescind, then Purchaser shall be entitled to all condemnation
     awards and settlements. Seller and Purchaser agree to cooperate with each
     other to obtain the highest and best price for the condemned property.
 
          23.3 In the event that the Property is damaged or destroyed by fire or
     other casualty prior to Closing, Seller shall repair and restore the
     Property to the same condition as before the fire or casualty, and the
     Closing shall be deferred for up to sixty (60) days to permit such repair
     and restoration. If Seller is unable to repair and restore within such 60
     day period, then Purchaser shall have the option of: extending the 60 day
     period for up to one hundred twenty (120) additional days, or canceling
     this Agreement and receiving a refund of the Deposit together with all
     interest earned on it, in which case both parties shall be released from
     all further obligations under this Agreement, or proceeding with the
     Closing, in which case Purchaser shall be entitled to all insurance
     proceeds and to a credit equal to the insurance deductibles (or, in the
     alternative, Purchaser may cancel this Agreement).
 
     24. INDEMNITY.
 
          24.1 Seller shall and does indemnify and hold Purchaser harmless from
     any and all liability, including costs and attorneys' fees, including those
     for appellate proceedings:
 
             24.1.1 for services rendered prior to Closing under any contracts
        for services to the Property existing now or at any time prior to
        Closing;
 
             24.1.2 for any personal property taxes remaining unpaid for
        calendar years prior to the year of Closing.
 
          24.2 The provisions of this section shall survive the Closing.
 
     25. RADON GAS NOTICE.  Pursuant to Florida Statutes Section 404.056(8),
Seller hereby makes, and Purchaser hereby acknowledges, the following
notification:
 
          RADON GAS:  Radon is a naturally occurring radioactive gas that, when
     it has accumulated in a building in sufficient quantities, may present
     health risks to persons who are exposed to it over time. Levels of radon
     that exceed federal and state guidelines have been found in buildings in
     Florida. Additional information regarding radon and radon testing may be
     obtained from your county public health unit.
 
     26. MISCELLANEOUS.
 
          26.1 This Agreement has been negotiated and executed in Florida; it
     shall be construed and governed in accordance with the laws of the State of
     Florida, without application of conflicts of laws principles.
 
          26.2 In the event any term or provision of this Agreement is
     determined by appropriate judicial authority to be illegal or otherwise
     invalid, such provision shall be given its nearest legal meaning or be
     construed as deleted as such authority determines, and the remainder of
     this Agreement shall be construed to be in full force and effect.
 
          26.3 In the event of any litigation between the parties under this
     Agreement, the prevailing party shall be entitled to reasonable attorneys'
     fees. Wherever provision is made in this Agreement for "attorneys' fees,"
     such term shall be deemed to include accountants' and attorneys' fees and
     court costs, whether or not litigation is commenced, including those for
     appellate proceedings and for paralegals and similar persons.
 
          26.4 Each party has participated fully in the negotiation and
     preparation of this Agreement with full benefit of counsel. Accordingly,
     this Agreement shall not be more strictly construed against either party.
 
          26.5 Whenever used in this Agreement, the singular shall include the
     plural, the plural shall include the singular, any gender shall include
     every other and all genders, and captions and paragraph headings shall be
     disregarded.
 
                                       11
<PAGE>   12
 
          26.6 The captions in this Agreement are for the convenience of
     reference only and shall not be deemed to alter any provision of this
     Agreement.
 
          26.7 Any reference in this Agreement to time periods less than six (6)
     days shall, in the computation thereof, exclude Saturdays, Sundays, and
     legal holidays; any time period provided for in this Agreement which shall
     end on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the
     next full business day.
 
          26.8 This Agreement constitutes the entire agreement between the
     parties and may not be changed, altered or modified except by an instrument
     in writing signed by the party against whom enforcement of such change
     would be sought.
 
          26.9 All references in this Agreement to exhibits, schedules,
     paragraphs, subparagraphs and sections refer to the respective subdivisions
     of this Agreement, unless the reference expressly identifies another
     document.
 
          26.10 All of the terms of this Agreement, including but not limited to
     the representations, warranties and covenants of Seller, shall be binding
     upon and shall inure to the benefit of the parties to this Agreement and
     their respective successors and assigns.
 
          26.11 Typewritten or handwritten provisions which are inserted in or
     attached to this Agreement as addenda or riders shall control all printed
     or pretyped provisions of this Agreement with which they may be in
     conflict.
 
          26.12 All covenants, representations and warranties of Seller in this
     Agreement, all remedies related to them, and the provisions of this section
     shall survive the Closing.
 
     27. WAIVER OF JURY TRIAL.  Seller and Purchaser mutually agree at that they
waive all rights to a trial by jury in the event of any dispute or court action
arising from, growing out of, or related to, this Agreement. The parties
acknowledge that this waiver is a significant consideration to each of them to
enter into this Agreement.
 
     28. SELLER OCCUPANCY.  Purchaser shall allow Seller to lease the Building
(and parking areas) for one hundred twenty (120) days after Closing, at the rent
of $10 per day, payable in advance, pursuant to Lease to be agreed upon between
Seller and Purchaser during the Investigation Period. If Seller is not then in
default under the Lease, Seller may by notice duly given to Purchaser no later
than the ninetieth (90th) day after Closing, extend the Lease for up to an
additional sixty (60) days, at a rent of $10.00 per square foot (based on 91,081
square feet) annually, prorated for the 60 days, payable at time of exercise of
the option. During its occupancy pursuant to this paragraph, Seller shall
maintain the Building (including repair of the Building and its equipment, if
such becomes necessary, e.g. repair of leaking roof or replacement of broken air
conditioning equipment), and pay all costs associated with the use of the
Building except that Purchaser shall pay the ad valorem taxes, and Seller shall
vacate the Building in good repair and broom-clean condition. Purchaser shall
maintain any landscaping in the parking area. If Seller does not timely and duly
vacate the Premises, or damages the Premises, then Seller shall be responsible
for Purchaser's costs and fees, including attorneys', paralegals' and similar
persons' fees related to or arising from such matters.
 
                                       12
<PAGE>   13
 
     EXECUTED as of the date first written above in several counterparts, each
of which shall be deemed an original, but all of which constitute only one
agreement.
 
<TABLE>
<S>                                                    <C>
Signed, sealed and delivered in the presence of:       SELLER:
 
                                                       Levitz Furniture Corporation, a Florida corporation
 
                                                       By: /s/ EDWARD P. ZIMMER
                                                           -------------------------------------------------
 
                                                       Its: Vice President
 
                                                       [Corporate Seal]
 
                                                       Date: August 26, 1997
 
                                                       PURCHASER:
 
                                                       Rexall Sundown, Inc., a Florida corporation
 
                                                       By: /s/ DEAN DESANTIS
                                                           -------------------------------------------------
 
                                                       Its: Senior Vice President
 
                                                       [Corporate Seal]
 
                                                       Date: August 26, 1997
</TABLE>
 
                                       13
<PAGE>   14
 
                                    RECEIPT
 
     The undersigned Escrow Agent acknowledges receipt of a check, subject to
clearance, in the amount of Five Hundred Thousand and No/100 Dollars
($500,000.00) to be held as the Initial Deposit pursuant to the foregoing
Agreement.
 
                                          ESCROW AGENT:
 
                                          Gunster, Yoakley, Valdes-Fauli
                                            & Stewart, P.A.
                                          One Biscayne Tower, Suite 3400
                                          Two South Biscayne Boulevard
                                          Miami, Florida 33131
                                          (305) 376-6002
 
                                          By:     /s/ JULIE WILLIAMSON
                                            ------------------------------------
 
SCHEDULE "A": Legal Description
SCHEDULE "B": Existing Mortgage
SCHEDULE "C": Permitted Exceptions
SCHEDULE "D": Other Contracts
 
                                       14
<PAGE>   15
 
                                                                     SCHEDULE II
 
                              REXALL SUNDOWN, INC.
 
                       VALUATION AND QUALIFYING ACCOUNTS
 
<TABLE>
<CAPTION>
                                             BALANCE AT   CHARGED TO   CHARGED TO                BALANCE AT
                                             BEGINNING    COSTS AND      OTHER                     END OF
DESCRIPTION                                   OF YEAR      EXPENSES     ACCOUNTS    DEDUCTIONS      YEAR
-----------                                  ----------   ----------   ----------   ----------   -----------
<S>                                          <C>          <C>          <C>          <C>          <C>
Year ended August 31, 1997
  Allowance for doubtful accounts..........   $78,000      $ 70,757     $    --      $ 70,757      $78,000
Year ended August 31, 1996
  Allowance for doubtful accounts..........    78,000       112,990          --       112,990       78,000
Year ended August 31, 1995
  Allowance for doubtful accounts..........    78,000       154,280          --       154,280       78,000
</TABLE>