Interface Properties has added a heavily occupied medical and professional office campus in central Boca Raton to its South Florida portfolio.

The Boca Raton-based investment firm acquired Fountains Center, a seven-building complex spanning approximately 15 acres at 7000–7700 West Camino Real, near Powerline Road. The 189,542-square-foot property combines medical offices with traditional office, retail, banking and service uses.

Healthcare providers represent a significant portion of the tenant roster, accounting for approximately 54% of the leased space. Medical tenants include the University of Miami Miller School of Medicine and a number of independent healthcare practices that serve the surrounding Boca Raton community.

The campus is currently 95% occupied. Other tenants include Citi Bank, Truist Bank, Salt Academy and Traditions South. Features include extensive surface parking, direct frontage along Powerline Road and drive-through banking facilities. The buildings were developed between 1980 and 1990.

Interface Properties plans to invest several million dollars in upgrades intended to refresh the aging campus and improve the experience for tenants and visitors. Proposed work includes updates to the building exteriors and landscaping, along with restoration of the fountains that give the center its name.

The acquisition also provides a potential expansion opportunity. Excess land on the property has already been approved for the future construction of an additional 21,000-square-foot office building.

Nelson Garcia of RARE CRE represented the seller. Berkadia’s Michael Basinski and Mitch Sinberg arranged a $31.75 million, five-year fixed-rate acquisition loan from City National Bank on behalf of Interface Properties.

The transaction gives Interface Properties a stabilized asset with an established medical tenant base while offering opportunities for renovations and future development in one of Palm Beach County’s most established commercial corridors.

Source: The Boca Raton Tribune