A joint venture led by Boca Raton-based CP Group has bought Mizner Park, the 30-acre mixed-use district in downtown Boca Raton. The buyers include The Georgetown Company, residential fund manager ACRE and investment partner StepStone. The source did not disclose a purchase price.
CP Group originally developed the property in phases between 1991 and 1999, turning a former shopping mall site into an open-air cultural and retail center. Angelo Bianco, managing partner of CP Group, called the deal a homecoming and said the firm wants to bring new energy to the district while keeping what makes it part of the community.
The 838,840-square-foot property will undergo a long-term capital improvement and repositioning effort. The new owners said they will work with the City of Boca Raton on upgrades covering infrastructure, aesthetics and tenant mix. Jonathan Schmerin, managing principal of The Georgetown Company, said the goal is to strengthen the tenant lineup and reinforce the site as a regional destination for shopping, dining and entertainment.
The purchase comes after CP Group sold the 124-acre Boca Raton Innovation Campus, known as BRiC, following a $100 million modernization program.
Mizner Park sits about a five-minute walk from the downtown Boca Raton Brightline station, giving riders a direct link to employment centers from West Palm Beach to Miami.
The source did not provide a timeline for the planned improvements or announce specific tenant changes.
The transaction was handled by several commercial real estate services firms.
