CP Group is returning to Mizner Park, a retail, office and residential complex, after developing it 35 years ago.
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CP Group, The Georgetown Co., Acre and investment partner StepStone purchased the 30-acre Mizner Park in downtown Boca Raton from an affiliate of BGRE, formerly Brookfield Properties, according to a release.
"Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm. We’re reinvesting in our own backyard and in a place we brought to life more than three decades ago," CP Group Managing Partner Angelo Bianco said in a statement.
"We have a rare opportunity to build on that legacy and reimagine Mizner Park for the future. Our goal is to bring new energy and investment to this landmark destination while preserving what has made it such an important part of the community and a jewel of the City for generations.”
A CP Group representative declined to comment on the sales price, which wasn’t disclosed.
BGRE, which took control of the asset after purchasing General Growth Partners in 2018, didn’t immediately respond to a request for comment.
CP Group, formerly Crocker Partners, built Mizner Park at 327 E. Plaza Real from 1991 to 1999. Totaling 838K SF, the mixed-use asset includes 268K SF of offices, 276K SF of retail and 272 apartments.
The new ownership is planning on renovations, including updating building facades, landscaping, hardscaping, street signs, and its office and retail tenant mix. They also plan updates to the office common areas, the apartments and residential amenities, and back-of-house systems.
A CBRE team of John Criddle, Joe Freitas and Max Pawk will lead office leasing efforts, and a Newmark team of Mitch Heifetz and Ariel Schuster will oversee retail leasing. CP Group and The Georgetown Co. plan to manage the office and retail, while ZRS Management will handle residential operations and leasing.
The deal has been in the works for the majority of 2026. Boca Raton's Community Redevelopment Agency, which owns the land underneath the development, approved its transfer to CP Group earlier this year while negotiations were underway, The Coastal Star reported.
The sale comes three years after BGRE originally tried to sell Mizner Park, drawing a $290M offer, The Real Deal reported at the time.
This is the second massive deal CP Group has completed in Boca Raton this quarter, after selling the 1.7M SF Boca Raton Innovation Campus to Stephen Ross in September after it invested $100M in an improvement plan.
JLL's Danny Finkle, Matt McCormack and Michael Roukis represented the seller in the Mizner Park sale. Another JLL team made of Danny Kaufman, Preston Bacon and Paul Stasaitis arranged the financing, provided by Blackstone. The loan size wasn’t disclosed.
Shutts & Bowen attorneys Arthur Menor, Elizabeth Jones, Julia Campanella, Christine Vogelsang and Irma Qureshi represented CP Group.
"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. We look forward to sharing more about our long-term vision as plans take shape," The Georgetown Co. Managing Principal Jonathan Schmerin said in a statement.
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