Interface Properties has snapped up Fountains Center, a roughly 189,500-square-foot mixed-use office, medical and retail campus at 7000–7700 W. Camino Real in Boca Raton. The hometown buyer says the deal will kick off a multimillion-dollar capital improvement program aimed at freshening building façades, updating landscaping and bringing the property’s signature fountains back to life.
Deal details and financing
Interface paid about $40 million for the campus, according to Bisnow. The purchase was financed with a roughly $31.75 million acquisition loan from City National Bank that Berkadia’s Boca Raton team arranged, per The Real Deal. Records show Nelson Garcia of RARE CRE represented the seller in the transaction.
Property and tenant mix
The Fountains Center stretches across about 189,542 square feet in seven buildings on roughly 15 acres at the intersection of Powerline Road and West Camino Real and is currently around 95 percent leased. Roughly 54 percent of the campus is occupied by medical office users, with tenants that include Citi Bank, Truist Bank, the University of Miami Miller School of Medicine, Salt Academy and Traditions South, according to Florida YIMBY. The site offers direct frontage on Powerline Road, plentiful parking and drive thru banking.
Buyer plans renovations
Interface plans to roll out a multimillion-dollar capital improvement program focused on sprucing up façades, upgrading landscaping and restoring the center’s fountains. “Fountains Center embodies the type of opportunity we look for as investors,” Zac Goodman, Interface’s managing partner, told Florida YIMBY. Ken Goodman added that, as a Boca Raton based company, the firm is “especially excited to invest in a property in our own backyard.”
Why this matters locally
Interface has been expanding across South Florida in recent years and moved into the multifamily sector in 2020; the firm also operates apartment communities in Tampa, Fort Myers and Naples, according to Interface Properties. The purchase lands at a time when South Florida commercial transaction volume cooled earlier this year, a trend that has left buyers hunting for steady, necessity based assets such as medical office space and neighborhood retail, reporting shows from The Real Deal.
What’s next for the campus
Interface plans to coordinate upgrades with existing tenants and city agencies while keeping the center open for business throughout construction. Marketing materials also highlight an entitled pad on site for roughly a 21,000-square-foot office building, a near term development option noted on commercial listings such as CREXi.
