RALEIGH, NC—New York City-based investment firm JMCHoldings has acquired the Citrix Systems'office building here for a record-setting price of $68.5million.

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The 185,000-square-foot office building at 120 South West St.,along with an adjacent seven-story parking lot and neighboringvacant real space, was purchased from a joint venture partnershipbetween The Crown Companies of Dobson, NC andCherokee of Raleigh, NC. The former ownership hadtransformed an abandoned warehouse into the high-tech officefacility for Citrix Systems, a leader in mobile work spaces,networking and cloud services, which signed a 15-year lease at theproperty.

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The deal marks JMC Holdings' first purchase in North Carolina.JMC Holdings represented itself in the transaction and EastdilSecured represented the seller.

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“JMC Holdings has been looking to expand its portfolio in theRaleigh-Durham market and recognized the value in 120 South WestSt. while it was still under construction,” says Matt Cassin,founder of JMC Holdings. “While this property sets a new standardfor office development in Raleigh, we were also attracted to theinvestment because we can achieve average annual cash yields above10% throughout our hold period, with a tenant that has exceptionalcredit, in a sub-market that is rapidly evolving.”

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He adds, “In addition to the planned re-development of theneighboring Union Station, the warehouse district will continue togrow as this property is helping to bring a wave of new businessdowntown, thanks to the nearly 700 employees that Citrix moved intothe building this fall.” 120 South West St.'s amenities include arooftop garden and bocce court, a yoga studio, an indoorracquetball court, smart building environment systems and a55-foot-wide internal vertical garden wall.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.