CP Group, The Georgetown Company and fund manager ACRE, together with investment partner StepStone, have acquired Mizner Park, a large mixed-use property in downtown Boca Raton. The seller in the transaction was Brookfield Asset Management.
The acquisition returns Mizner Park to CP Group, which originally developed the property over the course of the 1990s. According to the parties, CP Group was responsible for developing the complex between 1991 and 1999, and is now part of the new ownership team alongside The Georgetown Company, ACRE and StepStone.
Mizner Park is described as an 838,840-square-foot mixed-use asset combining office, retail and residential space. The office component totals 268,391 square feet, while the retail portion comprises 276,461 square feet. The residential segment includes 293,988 square feet across 272 rental units.
The joint venture has stated that it intends to renovate and upgrade the development. While specific scopes of work were not detailed, the partners indicated that improvement plans will cover the broader complex following the change in ownership.
On the capital markets side of the transaction, Brookfield Asset Management was represented by a JLL team. Danny Finkle, Matt McCormack and Michael Roukis of JLL acted on behalf of Brookfield in the sale of Mizner Park.
Financing for the acquisition was arranged by another JLL team. Danny Kaufman, Preston Bacon and Paul Stasaitis of JLL structured the financing, which was provided by Blackstone. The parties did not disclose further loan terms in the information provided.
Post-acquisition, property management responsibilities will be divided among several firms. CP Group and The Georgetown Company will work together to manage the office and retail components of Mizner Park. ZRS Management has been engaged to oversee residential operations and leasing for the 272 rental units within the mixed-use property.
The transaction keeps Mizner Park in the hands of institutional investors, with CP Group returning to an asset it originally developed and new partners joining the ownership and management structure. The deal also involves coordinated roles for advisory, financing and management teams linked to the office, retail and residential elements of the property.
