C
itrix Systems, a leading cloud computing and software company, recently made a significant real estate transaction involving their headquarters in Fort Lauderdale. The company sold their nine-story building at 899 West Cypress Creek Road and a six-story building at 851 West Cypress Creek Road along with an adjacent garage for a total of $37 million. The buyer of these properties is an entity linked to Maksim Slyusarchuk, who is the founder and CEO of A&D Mortgage and Imperial Fund, both based in Hollywood. The transaction was financed through a $29.6 million loan from First Horizon Bank.

    The buildings at 899 West Cypress Creek Road and 851 West Cypress Creek Road were completed in 1987 and 2001 respectively, according to available records. The complex offers a total of 276,000 square feet of office space. The recent sale represents a significant discount of 37% from the property's last known sale price of $58.8 million in 2002. It's worth noting that the complex was also sold previously in 2008, but the sale price was recorded as $0.

    Following the sale, Citrix's parent company, Cloud Software Group, leased back some of the office space for a period of 12 years, with two additional five-year extension options. This arrangement allows Citrix to continue operating from these premises while also benefiting from the sale proceeds.

    The South Florida office market has been experiencing a slowdown in investment sales due to factors such as elevated interest rates, rising property operating expenses, and skyrocketing insurance costs. Despite these challenges, recent deals have seen activity, including Panattoni Development's acquisition of the former headquarters of the Miami Herald and El Nuevo Herald in Doral for $30 million from Miami-based Parmenter Realty Partners. The two-story building is located at 3511 Northwest 91st Avenue.

    In another transaction, YMP Real Estate, led by Moshe and Yaffa Popack, purchased the Commercial Place I and II buildings at 3230 and 3250 West Commercial Boulevard in Oakland Park for $26 million this month. These transactions demonstrate continued investor interest in South Florida's real estate market despite the current economic climate.