A consortium led by CP Group has acquired Mizner Park, the 838,840-square-foot mixed-use complex in downtown Boca Raton, from Brookfield Properties. The partners include The Georgetown Company, residential fund manager ACRE, and investment partner StepStone, with Blackstone providing financing. The price was not disclosed.
The property spans about 268,390 square feet of offices, 276,460 square feet of retail, and 272 apartments, anchored at 327 Plaza Real next to the Boca Raton Museum of Art and Mizner Park Amphitheater.
The venture plans a long-term repositioning: new building facades, infrastructure, office common areas, apartment upgrades, and a reworked retail mix. ACRE will oversee the multifamily renovation, while CP Group and Georgetown manage office and retail space. The city’s Community Redevelopment Agency, which owns the land beneath the complex, consented in February to transfer the leases to the new owners.
“Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm,” said Angelo Bianco, managing partner of CP Group.