An affiliate of McLean, Virginia-based Gladstone Commercial Corp., has acquired the Park Center office building in Fort Lauderdale for $23.9 million. Located at 6363 N.W. 6th Way the 129,132 sqf office building changed hands for approximately $185 per sqf. The asset was built on the 5.8-acre site in 1984 and features four parking spaces for every 1,000 sqf of office. The buyer, a public REIT, obtained a $14.1 million mortgage from Union Fidelity Life Insurance Co. to finalize the purchase. The property last traded in 2006 for $26.9 million at the top of the real estate market.
āThe triple-net lease to a tenant with strong credit like Citrix will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic fundamentals driving the Fort Lauderdale economy, including Floridaās unemployment rate of 4.7 percent,ā said Brandon Flickinger, director of real estate at Gladstone Commercial.
