The Real Deal Miami

Mainstreet Capital sells fully leased Fort Lauderdale office to Gladstone for $24M

Deal included one of two buildings seller purchased in 2006 for $26.9M

September 13, 2016 04:40PM
By Sean Stewart-Muniz

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Park Center and Mainstreet Capital Partners President Paul Kilgallon

Park Center and Mainstreet Capital Partners President Paul Kilgallon

After a decade of ownership, Mainstreet Capital Partners has traded its fully leased Park Center office building in Fort Lauderdale to Gladstone Commercial Corp. for $23.9 million.

According to county records, an affiliate of Mainstreet sold the five-story, Class A office building at 6363 Northwest Sixth Way to the Gladstone, real estate investment trust.

Park Center is mainly occupied by tech firm Citrix that develops software and apps for various industries. Data from the CoStar Group shows the company takes up 109,955 of the building’s 118,930 rentable square feet and has its signage on the top floor.

Mainstreet came onto the scene in 2006 when it purchased both Park Center and its sister building at 6365 Northwest Sixth Way for $26.9 million, according to county records. Only Park Center was included in this latest deal, however.

On its website, Mainstreet said its acquisition cost specifically for Park Center broke down to $20.9 million, or about $173 per square foot. Gladstone paid just over $200 per foot the property.

Gladstone funded its purchase with a $14.1 million loan from the Union Fidelity Life Insurance Company. The firm is a public REIT that mostly trades in industrial, office and medical properties throughout the United States, according to its website. As of June, it owned 99 buildings in those categories, not including its latest pickup in Fort Lauderdale.