A joint venture led by CP Group has secured a 271.5 million dollar financing package from a Blackstone fund. The capital will fund the acquisition and comprehensive modernisation of the approximately 30-acre mixed-use Mizner Park complex in downtown Boca Raton, Florida. Official land registry records show that the investor group paid a purchase price of 193 million dollars for the property.
The site comprises a total usable area of 838,840 square feet and is located directly adjacent to the Boca Raton Museum of Art along North Dixie Highway, close to the local Brightline station. The mixed-use ensemble combines commercial units with residential space and forms a central focal point in the town centre.
- —276,461 square feet of retail and dining space
- —268,391 square feet of office space
- —272 rental apartments across a total area of 293,988 square feet
- —Ground-lease site owned by the City of Boca Raton covering approximately 30 acres
Ground leases and a historic return for the developer
For Boca Raton-based CP Group, the transaction represents a return to its roots: the company originally developed Mizner Park itself on municipal land between 1991 and 1999. Alongside partners Georgetown Company, Acre, and StepStone, the investor has now secured control of the property via long-term ground leases. Documents filed with Palm Beach County detail the purchase price breakdown: 113.1 million dollars for the retail portion, 46.3 million dollars for the residential segment, and 33.5 million dollars for the office space.
The previous leaseholder, Brookfield, added the complex to its portfolio in 2018 as part of its 9 billion dollar acquisition of General Growth Properties. Marking the completion, Angelo Bianco, Managing Partner at CP Group, stated that the consortium's goal is to inject fresh capital and new energy into the landmark, while preserving its historic character and multi-generational importance to the community.
Extensive refurbishment plans and brokerage
The difference between the purchase price and the loan volume provided by Blackstone Real Estate Debt Strategies is intended primarily to cover upcoming revitalisation measures. Comprehensive upgrades are planned for the building facades, external landscaping and green areas, internal infrastructure, and common areas of the office section. Partner Acre will spearhead the modernisation and management of the residential complex.
On the sell side, Danny Finkle, Matt McCormack, and Michael Roukis of JLL advised on the transaction. The financing structure was arranged by Danny Kaufman, Preston Bacon, and Paul Stasaitis, also of JLL. The acquisition comes just three months after another major transaction by CP Group in Boca Raton, when the company sold the 1.7 million square foot BRiC office campus to Stephen Ross-led Related Ross.
