Real EstateSaturday, November 7
CP Group and partners buy back Mizner Park, the Boca Raton complex CP developed
The 5AM West Palm Beach team
If you spend time in downtown Boca Raton, Mizner Park has new owners, and one is a familiar name. A joint venture of CP Group, The Georgetown Company, ACRE and StepStone bought the 30-acre complex. Brookfield Properties was the seller, and The Real Deal says the price hasn't been made public. CP Group developed Mizner Park between 1991 and 1999.
- Apartments: 272 rental units, to be renovated by ACRE
- Commercial land: owned by the city's Community Redevelopment Agency
- Transit: five-minute walk to the Boca Raton Brightline station
- East Boca retail vacancy: 4.5% in third quarter; county 4%
The group plans to work with the City of Boca Raton on upgrades, from updated building facades and refreshed landscaping to renovated apartments. "Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm," CP Group Managing Partner Angelo Bianco said in a statement Thursday.
Mizner Park returns to its original developer after Brookfield's 2018 purchase
- 1974The enclosed Boca Raton Mall opens.
- Jan. 1991Mizner Park officially opens, replacing the mall.
- 1999CP Group's phased development of Mizner Park, begun in 1991, ends.
- 2018Brookfield acquires Mizner Park in its $9 billion General Growth Properties purchase.
- Nov. 2026A CP Group-led venture buys Mizner Park from Brookfield.
Sources: WPBF, The Real Deal
Sources: The Boca Raton Tribune, WPBF, The Real Deal