CP Group, The Georgetown Company and fund manager ACRE, together with investment partner StepStone, acquired Mizner Park in downtown Boca Raton. Brookfield Asset Management was the seller.
The acquisition of the 838,840-square-foot office, retail, and residential property represents a full-circle moment for CP Group, which originally developed Mizner Park between 1991 and 1999. 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 rental units. The joint venture plans to renovate and upgrade the development.
Danny Finkle, Matt McCormack and Michael Roukis of JLL represented Brookfield in the transaction. Danny Kaufman, Preston Bacon and Paul Stasaitis of JLL arranged financing, provided by Blackstone. CP Group and The Georgetown Company will collaborate to manage the office and retail properties, while ZRS Management will manage residential operations and leasing.
