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Distressed Asset Wins Investor Despite 48% Occupancy

PALM BEACH, FL-The asset traded at a discount to replacement costs and a strong discount to pricing at the peak of the market when it last sold.

By Jennifer LeClaire | Updated on March 13, 2012

PALM BEACH, FL—In one of the hairiest deals of the year, Capmark Bank has disposed of the Fountains at Camino, a mixed-use, class B office and retail property. Boca Medical Plaza LLC snapped up the seven-building property for $16 million.

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. The building was 48% occupied at closing.

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