Mizner Park's original developer buys the Boca Raton complex back

CP Group built Mizner Park more than three decades ago and helped turn downtown Boca Raton into a place people walk. Now it owns the complex again. A joint venture of CP Group, The Georgetown Co., residential fund manager ACRE and investment partner StepStone has bought the 30-acre property from an affiliate of BGRE, formerly Brookfield Properties, Bisnow reported. The price was not disclosed, and a CP Group representative declined to comment on it.

The deal matters because it brings one of South Florida's best-known open-air centers back under a local owner with a plan to spend on it. The buyers intend a multimillion-dollar renovation of the 35-year-old complex, according to REBusinessOnline. Bisnow said the transaction had been in the works for most of 2026, and Boca Raton's Community Redevelopment Agency, which owns the land under the development, approved its transfer to CP Group earlier this year while talks were underway.

Mizner Park is large and mixed. The 838,840-square-foot property 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 apartments. It sits beside the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park, and is a short walk from the Boca Raton Brightline station, WPBF reported.

The history explains why the buyer calls this a return. Tom Crocker, who founded Crocker Partners, now known as CP Group, developed Mizner Park on the site of the shuttered Boca Mall between 1991 and 1999. Mizner Park officially opened on Jan. 11, 1991, replacing the enclosed Boca Raton Mall, which had opened in 1974. Brookfield took control of the asset through its acquisition of General Growth Properties in 2018.

Angelo Bianco, managing partner of CP Group, framed the deal as personal. "Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm." He said the goal is to bring new energy and investment to the landmark while preserving what made it important to the community.

The renovation list is broad. The owners plan updates to building facades, hardscaping, landscaping, wayfinding, back-of-house infrastructure and office common areas, as well as the existing apartments and resident amenities. The Georgetown Co., CP Group and ACRE will lead the repositioning of the streetscape, including the retail tenancy and merchandising mix, while ACRE oversees the 272 apartments and their planned upgrades.

The tenant base shows why a reset may be needed. Original tenant Max's Grille is still there, along with restaurants such as American Social and Kapow Noodle Bar. But Junior's Restaurant and Cheesecake Factory, Truluck's and Loch Bar have left, and the Lord & Taylor department store closed in August 2020 and is now an RH Outlet furniture store, WPBF reported, citing the Palm Beach Post.

Leasing teams are already named. CBRE's John Criddle, Joe Freitas and Max Pawk will lead office leasing, and Newmark's Mitch Heifetz and Ariel Schuster will oversee retail leasing. CP Group and The Georgetown Co. will manage the office and retail space, and ZRS Management will run residential operations and leasing.

The capital stack has a familiar name. JLL's Danny Finkle, Matt McCormack and Michael Roukis represented the seller, and another JLL team arranged financing provided by Blackstone, Bisnow reported. The loan size was not disclosed. Blackstone has been active in Sunbelt lending, including the loan on a Starbucks-anchored Nashville tower covered here earlier.

The price question will linger. BGRE tried to sell Mizner Park three years ago and drew a $290M offer, The Real Deal reported at the time, according to Bisnow. The buyback is also CP Group's second big Boca Raton deal this quarter, after it sold the 1.7M SF Boca Raton Innovation Campus to Stephen Ross in September.

Founded in 1986, CP Group has acquired, repositioned and operated over 170 office and mixed-use properties valued at over $8 billion, WPBF reported. Jonathan Schmerin, managing principal of The Georgetown Co., said the partners want to strengthen the tenant mix and work with the city. "We look forward to sharing more about our long-term vision as plans take shape." More property deals are in the Real Estate Sector.