Interface Properties has acquired Fountains Center, a 189,542-square-foot, mixed-use campus in Boca Raton, for $40 million. Titan Realty Group was the seller of the property, which includes office, retail and medical.
Interface received a $31.75 million acquisition loan from City National Bank for the deal, part of which will be used to undertake a capital improvement program. Commercial Search reports Interface specializes in value-add deals.
Fountains Center was originally developed in two phases in the 1980s. The seven-building campus, located at the intersection of Powerline Road and West Camino Real, is 95 percent occupied and includes undeveloped land approved for future development of a 21,000-square-foot office building.
Tenants include CitiBank, Truist Bank, University of Miami Miller School of Medicine, Salt Academy, Traditions South.
Berkadia’s Mitch Sinberg and Michael Basinski secured a five-year, fixed-rate loan on behalf of Interface Properties. RARE CRE’s Nelson Garcia represented the seller in the acquisition.
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