Citrix's Raleigh HQ sold for record $68.5 million

The New York real estate firm that acquired Citrix System's new downtown Raleigh headquarters last week paid a Triangle record $68.5 million for the property.

Matthew Cassin, a partner with JMC Holdings, confirmed the sale price in an interview this week. On a price-per-square-foot basis, JMC paid about $400 per square foot for the 171,000-square-foot property.

Cassin said JMC was drawn to the deal by the property’s stability – Citrix signed a 15-year lease – and its location in an emerging area of downtown Raleigh.

“We hope it’s the first of many acquisitions in the Raleigh market,” Cassin said. “We love the warehouse district and what’s happening there.”

“We think there are a lot of really good things happening both on the macro level in Raleigh and also directly in certain pockets of the market,” Cassin added. “ ... We’re hoping to really build a portfolio there.”

JMC also owns buildings in New York, Virginia and Washington, D.C.

JMC acquired the Citrix headquarters from Cherokee Investment Partners and The Crown Co., which spent tens of millions of dollars renovating the old Dillon Supply warehouse to Citrix’s specifications.

This story was originally published December 18, 2014 at 10:01 AM with the headline "Citrix's Raleigh HQ sold for record $68.5 million."