CP Group, The Georgetown Company and fund manager ACRE, together with investment partner StepStone, have acquired Mizner Park, a major mixed-use complex in downtown Boca Raton. Brookfield Asset Management sold the property, marking a return for CP Group, which originally developed Mizner Park over the course of the 1990s.
The asset comprises 838,840 square feet of office, retail and residential space. According to the buyers, the property includes 268,391 square feet of office space, 276,461 square feet of retail space and 293,988 square feet of residential space. The residential component totals 272 rental units, positioning the complex as a sizable multifamily presence within a broader mixed-use environment in the downtown Boca Raton area.
The transaction reunites CP Group with a project it developed between 1991 and 1999, underscoring the firm’s long-term connection to Mizner Park and to downtown Boca Raton. Following the acquisition, the joint venture has outlined plans to renovate and upgrade the development, with the goal of enhancing the office, retail and residential components. Specific details on the renovation scope and timeline were not disclosed.
On the capital markets side, Brookfield was represented in the sale by a JLL investment sales team led by Danny Finkle, Matt McCormack and Michael Roukis. Their role focused on marketing the mixed-use complex and advising the seller through the disposition process. The deal illustrates the continued use of institutional brokerage platforms for large, multi-asset urban projects.
JLL also handled the financing assignment for the acquisition. A separate JLL team of Danny Kaufman, Preston Bacon and Paul Stasaitis arranged the debt, which was provided by Blackstone. While the parties did not disclose loan terms or proceeds, the financing underscores the involvement of large private capital providers in backing acquisitions of established mixed-use properties.
Post-closing, the ownership group has divided responsibilities for ongoing management. CP Group and The Georgetown Company will jointly oversee the office and retail portions of Mizner Park, reflecting their role in both ownership and day-to-day asset oversight for those uses. ZRS Management has been engaged to handle residential operations and leasing for the 272 rental units, providing dedicated multifamily management within the larger mixed-use setting.
With new ownership, fresh capital and a stated renovation plan, Mizner Park is poised for another investment cycle under sponsors with previous experience at the property and a lineup of institutional partners and service providers. The transaction highlights sustained investor and lender interest in large-scale, mixed-use environments anchored in downtown Boca Raton.
