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Boca Raton's Mizner Park Sold to Original Owner CP Group, Other Companies
The new owners plan facade, landscaping and infrastructure upgrades as part of a major capital improvement program for the 838,840-square-foot mixed-use complex.
- On Thursday, November 5, Boca Raton-based developer CP Group and The Georgetown Company purchased Mizner Park, the 35-year-old mixed-use complex that originally opened in 1991.
- The new ownership group, including institutional fund manager ACRE and investment partner StepStone Group, plans a significant capital improvement strategy addressing deferred maintenance on the nearly 900,000-square-foot property.
- "We're reinvesting in our own backyard," said Angelo Bianco, CP Group's managing partner, while Jonathan Schmerin of The Georgetown Company emphasized plans to strengthen the tenant mix and bring new energy.
- Plans include filling vacancies, such as the space previously occupied by Ruth's Chris Steakhouse, with higher-quality retail and fast-casual dining to serve shoppers of all interests.
- Public town halls will allow the city and community to shape the property's future remake, which benefits from fresh investor interest in downtown Boca Raton and proximity to the recently built Brightline rail station.
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New owners at Boca Raton's Mizner Park plan big changes
·West Palm Beach, United States
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Blackstone Fund Lends $272M for Mixed-Use Boca Raton Campus
A joint venture led by CP Group has secured $271.5 million in financing from a Blackstone affiliate for the acquisition and planned renovation of the 30-acre Mizner Park complex in Downtown Boca Raton, Fla., property records show. The JV paid $193 million for the 838,840-square-foot Mizner Park, which sits adjacent to the Boca Raton Museum of […]
CP Group, Georgetown Company and ACRE Acquire Mizner Park in Boca Raton
CP Group, The Georgetown Company and ACRE, together with investment partner StepStone, have acquired Mizner Park, an 838,840-square-foot mixed-use property... The post CP Group, Georgetown Company and ACRE Acquire Mizner Park in Boca Raton appeared first on citybiz.
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