The company that built Mizner Park more than three decades ago now owns it again. CP Group has bought back Boca Raton's signature mixed-use complex in a joint venture with The Georgetown Company, residential fund manager ACRE and investor StepStone, with the deal closing Thursday. The purchase price was not disclosed.
CP Group and The Georgetown Company bought the property on Nov. 5, according to The Palm Beach Post, which also reported that the purchase price was not disclosed. The Real Deal reports the joint venture acquired the 838,840-square-foot office and shopping complex, which includes about 268,390 square feet of offices, 276,460 square feet of retail and 272 multifamily rental units. Connect CRE reported slightly different figures — 268,391 square feet of office space and 276,461 square feet of retail — along with 293,988 square feet of residential space across the same 272 units.
Mizner Park, centered at 327 Plaza Real, sits next door to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park. Its retail roster has included Lilly Pulitzer, Tommy Bahama and a Restoration Hardware outlet. CP Group, formerly known as Crocker Partners, developed the property alongside Tom Crocker in the 1990s — Connect CRE places the original build-out between 1991 and 1999 — before Brookfield Properties picked it up in 2018 as part of its $9 billion purchase of General Growth Properties.
Who Will Run What at the Reborn Complex
The joint venture plans to update building facades, infrastructure, office common areas and apartments, per the same Real Deal report. ACRE is slated to oversee the multifamily renovation, while CP Group and The Georgetown Company will manage the office and retail space. Connect CRE's account adds detail on the leasing side, reporting that CP Group and The Georgetown Company will collaborate to manage office and retail properties while ZRS Management handles residential operations and leasing.
A Complex That's Looked Run Down
The Boca Raton Community Redevelopment Agency owns the land beneath the commercial complex, a fact confirmed in The Real Deal's reporting. A Boca Raton CRA chair, quoted by The Coastal Star, said Mizner Park has looked run down for several years and expressed hope that new lease holders would improve the property.
This isn't the first time Mizner Park has been shopped around. The Coastal Star reports the property was put up for sale in 2023, drawing offers as high as $290 million, though no deal closed at that time. It would take three more years before Thursday's sale finally went through.
Part of a Broader Shakeup in Boca's Office Market
The Mizner Park sale lands amid a string of commercial deals rippling through Boca Raton's office corridor. The Real Deal notes that Golden East Investors took the One Boca Place office complex off CP Group's hands for $78.9 million in October, while Thor Equities paid $62 million for the Two Town Center offices in September. CP Group also sold the 124-acre Boca Raton Innovation Campus to Related Ross in September.
Retail fundamentals in the submarket remain relatively tight. The retail vacancy rate in east Boca, where Mizner Park sits, was 4.5 percent in the third quarter, according to Colliers data cited by The Real Deal — slightly higher than Palm Beach County's 4 percent countywide rate. Average asking retail rents in east Boca ran about $40 per square foot in the same period, a figure Colliers describes as cheaper than West Palm Beach's urban center and on par with the Delray Beach and west Boca submarkets.
Danny Finkle, Matt McCormack and Michael Roukis of JLL represented seller Brookfield Properties in the transaction, according to Connect CRE. Financing was arranged by JLL's Danny Kaufman, Preston Bacon and Paul Stasaitis and provided by Blackstone. CP Group is led by Angelo Bianco and Chris Eachus, who now find themselves back at the helm of the property that first put their firm on the map.
