Boca Raton's Mizner Park acquired by group that includes original developer
A large mixed-use property in one of Florida’s most affluent communities has changed hands.
CP Group, The Georgetown Company and Acre have partnered with StepStone to acquire Mizner Park, the 838,840-sq.-ft. office, retail and residential property in downtown Boca Raton, Fla. According to the South Florida Business Journal, the property was purchased for $193 million.
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 property is adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park.
Mizner Park's roster of retailers includes Bluemercury, RH Outlet, Kendra Scott, Sur La Table, J.McLaughlin and more, alongside several upscale dining establishments.
Under the new ownership, Newmark will oversee retail leasing at Mizner Park, while CP Group, the property’s original developer, and The Georgetown Company will collaborate to manage the office and retail properties. ZRS Management will manage residential operations and leasing.
"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. "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.”
The Georgetown Company, along with its partners, will lead the repositioning of the streetscape environment at the property, including the retail tenancy and merchandising mix. Planned improvements will also include updates to building facades, hardscaping, landscaping, wayfinding, back-of-house infrastructure, office common areas, and existing multifamily residences and amenities.
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Acre will lead the multifamily component of Mizner Park, overseeing the property's 272 apartment homes and a planned renovation that includes upgrades to residences and resident amenities.
"Mizner Park has been an important part of Boca Raton for more than three decades, and we see tremendous opportunity to help grow its future," said Jonathan Schmerin, managing principal of The Georgetown Company. "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."
