BOCA RATON, FLA. — A joint venture between CP Group, The Georgetown Co., private equity firm ACRE and investment firm StepStone Group has acquired Mizner Park, an 838,840-square-foot, open-air mixed-use development located in downtown Boca Raton. The new ownership group is planning to implement a multimillion-dollar renovation for the 35-year-old complex.
JLL represented the seller, Brookfield Properties, and secured financing through Blackstone for the transaction. Brookfield, which acquired Mizner Park via the company’s acquisition of General Growth Properties (GGP) in 2018. The sales price was not disclosed, but the property was marketed with prospective bids reaching up to $290 million prior to its recent sale, according to various media outlets.
“Mizner Park has been an important part of Boca Raton for more than three decades, and we see tremendous opportunity to help grow its future,” says Jonathan Schmerin, managing principal of The Georgetown Co. “Alongside our partners, we’re excited to work with the city and community to strengthen the tenant mix, bring new energy to the property and reinforce its position as one of America’s signature shopping, dining and entertainment destinations.”
Mizner Park is considered one of the most influential “live-work-play” destinations in the United States. It was originally developed on the site of shuttered Boca Mall between 1991 and 1999 by Tom Crocker, who founded the real estate firm Crocker Partners, now known as CP Group.
Today, Mizner Park includes 268,391 square feet of office space; 276,461 square feet of retail space; and 293,988 square feet of residential space across 272 apartments. The property is situated adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park, a nonprofit performing arts center and multi-use event space.
The Georgetown Co., CP Group and ACRE will lead the repositioning of the streetscape environment, including the retail tenancy and merchandising mix. Other planned improvements at the property will comprise updates to building façades, hardscaping, landscaping, wayfinding, back-of-house infrastructure and office common areas.
In addition, ACRE will handle the multifamily component of Mizner Park, overseeing the property’s 272 apartments along with a planned renovation that features upgrades to residences and resident amenities.
John Criddle, Joe Freitas and Max Pawk of CBRE will lead office leasing efforts at the property, while Mitch Heifetz and Ariel Schuster of Newmark will oversee retail leasing. CP Group and The Georgetown Co. will collaborate to manage the office and retail properties, while ZRS Management will manage residential operations and leasing.
— Abby Cox