CP Group, the Georgetown Company and other partners bought back Boca Raton’s Mizner Park with plans to renovate the outdoor shopping and residential district that CP developed three decades ago.
Angelo Bianco and Chris Eachus’ CP acquired the 838,840-square-foot office and shopping complex alongside developer the Georgetown Company, residential fund manager ACRE and investor StepStone. Blackstone provided financing on the deal.
The value of the deal or its financing hasn’t been made public. Danny Finkle, Matt McCormack and Michael Roukis of JLL represented the seller, Brookfield Properties.
The joint venture plans to update building facades, infrastructure, office common areas and apartments, among other improvements, as part of a larger goal to revitalize the center.
The district, centered at 327 Plaza Real, features about 268,390 square feet of offices, 276,460 square feet of retail and 272 multifamily rental units. CP, formerly known as Crocker Partners, and developer Tom Crocker developed the center in the 1990s.
Retail tenants include Lilly Pulitzer, Tommy Bahama and a Restoration Hardware Outlet.
The park is next door to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park event space. The city’s Community Redevelopment Agency owns the land beneath the commercial complex.
Brookfield acquired Mizner Park in 2018 as part of its $9 billion purchase of General Growth Properties.
New York-based ACRE is slated to oversee the multifamily property renovation, while CP and New York-based Georgetown will manage the office and retail space.
ZRS Management is set to manage apartment operations and leasing. CBRE is on board to manage office leasing, while Newmark is set to oversee retail leasing.
The purchase follows several big office sales from Boca-based CP.
The company sold the 124-acre Boca Raton Innovation Campus to Related Ross in September for an undisclosed amount. Golden East Investors took the One Boca Place office complex off CP’s hands for $78.9 million last month, and Thor Equities paid $62 million for the Two Town Center offices in September.
The retail vacancy rate in the east Boca submarket where Mizner sits was 4.5 percent in the third quarter, according to Colliers. That’s slightly higher than the county’s 4 percent. Retail leases are asking an average $40 per square foot in the east Boca submarket, a rate cheaper than West Palm Beach’s urban center and on-par with Delray Beach and west Boca submarkets.
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