Interface Properties, a Boca Raton-based real estate investment firm specializing in the acquisition, redevelopment and repositioning of value-add properties, has acquired Fountains Center, a 189,542-square-foot mixed-use office, medical and retail campus located at the intersection of Powerline Road and W. Camino Real in Boca Raton.
The seven-building property has served Boca Raton businesses, healthcare providers and residents for decades and today is 95% leased to a diverse mix of banking, medical, retail and professional services tenants. The campus also includes excess land approved for the future development of a 21,000-square-foot office building.
Interface intends to initiate a multimillion-dollar capital improvement program designed to modernize the property and enhance the tenant experience, including façade and landscaping enhancements and restoration of the property’s signature fountains.
“Fountains Center embodies the type of opportunity we look for as investors,” said Zac Goodman, Managing Partner of Interface Properties. “It combines strong in-place cash flow, meaningful redevelopment potential and an attractive basis in one of South Florida’s strongest real estate markets. Just as importantly, it’s a property with deep roots in the community and a longstanding roster of tenants who serve Boca Raton residents every day. We see an opportunity to build on that foundation through active ownership, thoughtful reinvestment and a long-term commitment to the asset.”
Added Ken Goodman, Founding Partner of Interface Properties, “As a Boca Raton-based company, we’re especially excited to invest in a property in our own backyard. Fountains Center has been an important part of the local business community for decades, and our goal is to be responsible stewards of that legacy while enhancing the experience for tenants, visitors and the surrounding community. We believe the property’s best days are still ahead.”
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
Located at 7000–7700 W. Camino Real, Fountains Center was built between 1980 and 1990, and features direct frontage along Powerline Road, one of Boca Raton’s primary north-south corridors. Seven buildings serve a mix of office, medical, retail, and service-oriented tenants with on-site amenities like abundant parking and drive-thru banking. Current tenants include Citi Bank, Truist Bank, University of Miami Miller School of Medicine, Salt Academy, Traditions South and numerous independent healthcare providers. Approximately 54% of the property is leased to medical office users, many of whom have served Boca Raton residents for years.
Situated in one of South Florida’s most affluent residential communities, the property is just five minutes from the Florida Turnpike and I-95, and a short 10 minute drive to Town Center at Boca Raton, Florida Atlantic University, Downtown Boca Raton, and Boca Raton Airport, and just minutes from the Boca Raton Synagogue, four golf and country clubs, and a dense concentration of executive and luxury housing.
Over the past three decades, Interface has built its business around identifying well-located properties where hands-on management, capital investment and long-term ownership creates lasting value. Past acquisitions in Palm Beach County include the Haverhill Business Park in Riviera Beach, El Clair Medical Center in Boynton Beach, and Burma Commerce Park in Palm Beach Gardens. In 2020, Interface entered the multifamily sector with the acquisition of two sites in Boca Raton which it redeveloped into student housing – The Yard University Apartments I and II. Interface also owns and operates affordable and market rate apartment communities in Tampa, Fort Myers and Naples.
