Seven-building, mixed use park totals 185,000 SF
Boca Raton, FL – March 12, 2012 – (RealEstateRama) — CBRE represented Capmark Bank for the sale of Fountains at Camino, a mixed use, Class B office and retail property, recently acquired by the bank via foreclosure. The seven-building property was purchased for $16 million by Boca Medical Plaza, LLC.
Located at 7000–7700 West Camino Real in Boca Raton, the park totals 184,575 rentable square feet including two banks and multiple medical office users.
At 48 percent occupancy at closing, the purchase is a value-add opportunity for the buyer. Boca Medical Plaza intends to reposition the asset to focus on medical use.
Scott O’Donnell and Dominic Montazemi from CBRE’s Private Capital Group were joined by Christian Lee and Charles Foschini from CBRE’s Institutional Group in representing the seller, CB Camino Real, a limited liability corporation of Capmark Bank.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com
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