Titan General Partners has sold another asset in Boca Raton, Fla.
Interface Properties paid $40 million for Fountains Center, a mixed-use campus that dates back to the 1980s and 1990s. The property houses seven buildings, spanning 189,542 square feet of office and retail space, located between 7000 and 7700 West Camino Real, adjacent to Powerline Road.
City National Bank provided a $31.8 million acquisition loan. Berkadia’s Mitch Sinberg and Michael Basinski brokered the five-year, fixed-rate debt.
The 15-acre campus is 95 percent leased, with just over half of tenants being medical office tenants, according to Berkadia. Lessees include Citi Bank, Truist Bank and University of Miami Miller School of Medicine.
The property also includes excess land approved for the development of a 21,000-square-foot office building.
Fountains Center “combines strong in-place cash flow, meaningful redevelopment potential and an attractive basis in one of South Florida’s strongest real estate markets,” Zac Goodman, managing partner of Boca Raton-based Interface Properties, said in a statement.
Weston-based Titan General Partners, led by James Caprio, purchased the asset for $16 million in 2012, according to property records.
The sale comes about five months after Titan General Partners sold three commercial properties nearby for a combined $92.8 million to the Berritto Family Office, The South Florida Business Journal reported.
A representative for Titan General Partners could not be reached for comment. Nelson Garcia of RARE, who represented the seller, did not respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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