Key Takeaways
- • CP Group, The Georgetown Company and ACRE, together with investment partner StepStone, have acquired Mizner Park, an 838,840-square-foot office, retail and residential property in downtown Boca Raton, Florida, according to a Business Wire announcement.
- • CP Group originally developed Mizner Park between 1991 and 1999, and the firm describes the acquisition as a full-circle move for the Boca Raton-based company.
- • ACRE will lead the multifamily component, overseeing 272 apartment homes and a planned renovation of residences and resident amenities, while Georgetown leads retail repositioning and CP Group and Georgetown will manage office and retail operations.
- • Financing was provided by Blackstone, with JLL advising the sellers and arranging the debt, and CBRE and Newmark handling office and retail leasing respectively.
- • The partners describe the deal as a long-term commitment to revitalizing the property, with a capital improvement program covering facades, hardscaping, wayfinding, back-of-house infrastructure and common areas; the purchase price was not disclosed in the announcement.
Summary
CP Group, a value-add owner-operator of office properties across the Sunbelt, The Georgetown Company, a privately held diversified real estate company, and ACRE, an institutional residential fund manager, together with investment partner StepStone, announced the acquisition of Mizner Park in downtown Boca Raton, according to a Business Wire release. The property totals 838,840 square feet, comprising 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 30-acre destination sits adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park, and is less than a five-minute walk from the Boca Raton Brightline station.
CP Group originally developed Mizner Park between 1991 and 1999 and, according to the announcement, helped establish downtown Boca Raton as a place to shop, work, live and gather. Angelo Bianco, Managing Partner of CP Group, said the firm is "reinvesting in our own backyard." The partners frame the deal as a long-term repositioning rather than a short-term trade, and they cite CP Group's recent sale of the 124-acre Boca Raton Innovation Campus, completed after a $100 million capital improvement program, as part of its continuing commitment to the city.
The Georgetown Company will lead repositioning of the streetscape, retail tenancy and merchandising mix, drawing on experience with Easton Town Center, Halcyon, 787 Eleventh Avenue and Campus 244. Jonathan Schmerin, Managing Principal of Georgetown, said the partners intend to work with the City of Boca Raton on the tenant mix. ACRE will lead the multifamily component, with Michael Van Der Poel, Founding Partner, describing the asset's repositioning to its full potential. ACRE reports $7.3 billion in assets under management. Alex Abrams, Partner at StepStone, said the firm supports the sponsor group through its co-investment program with ACRE.
JLL represented the sellers, and JLL also arranged financing provided by Blackstone. CBRE will lead office leasing and Newmark will oversee retail leasing, while ZRS Management will manage residential operations. The purchase price was not disclosed in the announcement.
CP Group originally developed Mizner Park between 1991 and 1999 and, according to the announcement, helped establish downtown Boca Raton as a place to shop, work, live and gather. Angelo Bianco, Managing Partner of CP Group, said the firm is "reinvesting in our own backyard." The partners frame the deal as a long-term repositioning rather than a short-term trade, and they cite CP Group's recent sale of the 124-acre Boca Raton Innovation Campus, completed after a $100 million capital improvement program, as part of its continuing commitment to the city.
The Georgetown Company will lead repositioning of the streetscape, retail tenancy and merchandising mix, drawing on experience with Easton Town Center, Halcyon, 787 Eleventh Avenue and Campus 244. Jonathan Schmerin, Managing Principal of Georgetown, said the partners intend to work with the City of Boca Raton on the tenant mix. ACRE will lead the multifamily component, with Michael Van Der Poel, Founding Partner, describing the asset's repositioning to its full potential. ACRE reports $7.3 billion in assets under management. Alex Abrams, Partner at StepStone, said the firm supports the sponsor group through its co-investment program with ACRE.
JLL represented the sellers, and JLL also arranged financing provided by Blackstone. CBRE will lead office leasing and Newmark will oversee retail leasing, while ZRS Management will manage residential operations. The purchase price was not disclosed in the announcement.
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