Fountains Center increases occupancy from 47% to over 70% in just four months
BOCA RATON, Fla. – When Boca Medical Plaza, LLC purchased the bank-owned Fountains at Camino in Boca Raton in February 2012, the investor group’s intent was to make major capital improvements, change the name and ramp up occupancy. Within just four months, Boca Medical Plaza, LLC has been a boon to the seven-building, mixed-use office and retail park. Twelve new tenants have signed leases at the complex, which is now called Fountains Center, demonstrating an increase in occupancy from 47% at acquisition to over 70% as of the end of June. Additional new leases are being negotiated for a substantial amount of space, and 20 existing tenants have signed renewals, including some expansions.
Among new tenants at Fountains Center are Mozart Café; an urgent care facility; Sara Levine, M.D.; Dentalle dental lab; Frohlich Financial; and the not-for-profit NCSY (National Conference of Synagogue Youth). The following professionals and companies have leased executive suites: Gale Freidenreich, Florida Hypnosis Institute, Johnson Capital, Linda Sharf, Les Gordon & Associates, and Diana Genzone.
“We’re proud that we have turned around the center in such a short period of time,” said Boca Medical Plaza’s Managing Partner Zvi Schwarzman, a development and construction industry veteran for more than 30 years. “We continue to make interior and exterior enhancements to attract a diverse tenant mix, while also focusing on medical professionals and medical industry-related businesses. Our objective is to provide an attractive, comfortable work environment and also add value to the site, which was developed between 1978 and 1988.
“Central Boca is now the heart and hub of the area,” Schwarzman continued. “Select buildings at Fountains Center have visibility from the busy north-south Powerline Road thoroughfare, which is quite desirable because of its easy access to I-95, Florida’s Turnpike, area hospitals and numerous support services.”
The cluster of one- to four-story buildings surrounds an inviting central garden courtyard with fountains, waterfalls, footbridges, walkways, lush landscapes and outdoor seating. On-site restaurants benefit from the park’s pedestrian-friendly environment and tranquil views as well.
Boca Medical Plaza, LLC is impacting the community in other positive ways by hiring local sub-contractors for the renovations, lighting and landscaping improvements.
The investor group purchased the property for under $20 million whereas it had sold for $33.1 million in 2007.
Fountains Center is located off Powerline Road at 7000-7700 West Camino Real in Boca Raton. For leasing information, call(561) 488-0877.
