The Real Deal Miami

Fort Lauderdale office building sells for $8.5M

Tech company Citrix Systems is building's sole tenant
January 27, 2015 12:45PM

1801 W. Spectrum Boulevard

1801 West Spectrum Boulevard

A Dallas-based real estate company sold a Fort Lauderdale office building for $8.5 million last week.

Flotrix Inc. sold the nearly 6-acre property through RM Realty Group to a Georgia limited liability company. CBRE represented the seller.

Citrix Systems, a software company, is the building’s sole tenant and one of the largest private employers in the Fort Lauderdale area, according to a news release.

“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,” Dominic Montazemi, first vice president of CBRE Investment Properties, said in a statement. “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.”

Spectrum Office Park was built in 1999 and is located south of the Fort Lauderdale Executive Airport at 1801 West Spectrum Road. It was last sold for $11.2 million in 2000, Broward County property records show. — Kristina Puga