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South Florida

Leo Ghitis sells office building in Fort Lauderdale’s Cypress Creek

Radice III is part of the Radice Corporate Center

The Radice Corporate Center (Credit: Commercial Cafe)
The Radice Corporate Center (Credit: Commercial Cafe)

Real estate investor Leo Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million.

Ghitis sold the 139,864-square-foot building known as Radice III at 1000 Corporate Drive for $172 per square foot, records show. A company managed by Greenberg Traurig lawyer Paul Berkowitz bought the property.

The Radice III is part of the Radice Corporate Center that sits right off of I-95.

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Ghitis is a long-time real estate investor in South Florida, who has purchased a number of industrial properties. He also owns Nayara Springs, a luxury hotel in Costa Rica, which he developed with architect Angelo Zaragovia.

Records show Ghitis bought the office building in 1999 for $14.28 million.

The Cypress Creek office market has a number of major office tenants including Microsoft and Citrix Systems.

In February, YMP Real Estate Management acquired the 237,682-square-foot Lakeshore Business Center for $29.25 million in Cypress Creek.

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Commercial Real EstateCypress CreekFort LauderdaleOffice Market