CBRE arranged the sale of a 72,718-square-foot office building situated on 5.97 acres in the Spectrum Office Park in Fort Lauderdale.
The building at 1801 W. Spectrum Boulevard, currently occupied by Citrix Systems, was acquired from Flotrix, Inc. for $8.48 million.
CBRE represented the seller.
“While on the surface this appeared to be a simple transaction, in reality it was a complex execution due to the short-term nature of the lease to Citrix,” said Dominic Montazemi, First Vice President of CBRE Investment Properties. “Ultimately, we were able to identify a buyer who brought deep experience and resources with the ability to transact on an all-cash basis, removing many challenges most other investors would face with traditional financing.”
Constructed in 1999, the property features hurricane-impact construction, an above-market parking ratio, multiple server rooms with raised flooring and heavy AC, and a full building backup generator.
Spectrum Office Park is located south of the Fort Lauderdale Executive Airport and less than one mile directly west of Interstate 95 along Commercial Boulevard. The property’s sole tenant, Citrix Systems, is one of the largest private employers in the Greater Fort Lauderdale area, with roughly 1,700 South Florida-based employees.
In addition to Montazemi, CBRE professionals involved in the transaction include Scott O’Donnell and Miguel Alcivar, of CBRE Investment Properties; Jason Hochman and Charles Foschini of CBRE Debt & Structured Finance; Christian Lee of CBRE Capital Markets, Institutional Properties; and Jay Adams and Jarred Goodstein of CBRE Office Brokerage.
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