MIAMI—Sometimes deals seem straightforward until you are faced with obstacles in the middle of the process. Such is the case with the sale of an office building in Spectrum Office Park in Fort Lauderdale, FL.

CBRE arranged the sale of a 72,718-square-foot office building that sits on 5.97 acres in the office park. Located at 1801 West Spectrum Boulevard, Flotrix acquired the office building, which Citrix Systems currently occupies, for $8.48 million. CBRE represented the seller.

“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,” says Dominic Montazemi, first vice president of CBRE Investment Properties. “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.”

Constructed in 1999, CBRE reports the office building features hurricane-impact construction, an above-market parking ratio, multiple server rooms with raised flooring, and heavy AC, and a full building backup generator. Spectrum Office Park is located south of the Fort Lauderdale Executive Airport and less than one mile directly west of Interstate 95 along Commercial Boulevard. Citrix Systems, the property's sole tenant, is one of the largest private employers in the Greater Fort Lauderdale area, with about 1,700 South Florida-based employees.

Fort Lauderdale's office market continues to recover. Broward Financial Center, a 324,429-square-foot, class A office property in Fort Lauderdale, FL, also recently traded hands. DRA Advisors sold the asset to AGS Property Corporation for $112 million free and clear of existing debt. HFF senior managing director Hermen Rodriguez, tells GlobeSt.com, “This transaction shows the depth of the Fort Lauderdale Central Business District market and its attractiveness to foreign investors who are being drawn to the concept of a 24-hour downtown.”