CP Group, Georgetown and ACRE Buy Boca Raton's Mizner Park

CP Group, The Georgetown Company and ACRE have acquired Mizner Park, an 838,840-square-foot mixed-use development in downtown Boca Raton, Florida, with plans for a comprehensive revitalization of the 30-acre property. StepStone joined the deal as co-investment partner. Blackstone provided financing, with JLL arranging the debt and representing the sellers.

The transaction returns the property to CP Group, which originally developed Mizner Park between 1991 and 1999. The development has anchored Boca Raton's commercial, residential and cultural life for more than three decades.

"Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm," said Angelo Bianco, Managing Partner of CP Group. "We're reinvesting in our own backyard and in a place we brought to life more than three decades ago. We have a rare opportunity to build on that legacy and reimagine Mizner Park for the future. Our goal is to bring new energy and investment to this landmark destination while preserving what has made it such an important part of the community and a jewel of the City for generations."

What does Mizner Park contain?

The property holds:

• Approximately 268,391 square feet of office space
• 276,461 square feet of retail space
• 293,988 square feet of residential space, including 272 rental apartments

The site sits near the Boca Raton Museum of Art, Mizner Park Amphitheater and The Studio at Mizner Park. It also lies within walking distance of the Boca Raton Brightline station, connecting the district to regional rail service.

Who does what in the deal?

The partnership pairs three firms with complementary track records. CP Group has acquired, operated and repositioned more than 170 office and mixed-use properties, representing over 64 million square feet and more than $8 billion in value. The Georgetown Company has developed and overseen more than 25 million square feet across commercial, residential and hospitality categories. ACRE runs a vertically integrated residential platform managing approximately $7.3 billion in assets across more than 64,000 apartments.

"Mizner Park is an iconic mixed-use destination in Boca Raton, and we are proud and excited to reposition the asset to its full potential," said Michael Van Der Poel, Founding Partner of ACRE. "Our partners, The Georgetown Company and CP Group, are premier retail and office operators, complementing ACRE's multifamily expertise. We are honored to once again partner with StepStone, our longtime co-investment partner, as we advance the next phase of the property's evolution."

StepStone framed the deal as a bet on a sponsor group with local roots. "We believe Mizner Park is well positioned for its next chapter and look forward to supporting the partnership's long-term vision for downtown Boca Raton," said Alex Abrams, Partner at StepStone.

How will the partners reposition the asset?

The ownership group plans a long-term repositioning of the property and its surrounding pedestrian environment. Georgetown and CP Group will guide retail leasing, merchandising, office operations and the overall master plan. Their strategy targets tenants that strengthen Mizner Park's draw as a shopping, dining and entertainment destination.

Planned improvements cover building facades, landscaping, hardscaping, signage and wayfinding, infrastructure and office common areas. The partners also plan renovations to residential units and amenities, with ACRE overseeing upgrades to the 272 apartment homes.

"Mizner Park has been an important part of Boca Raton for more than three decades, and we see tremendous opportunity to help grow its future," said Jonathan Schmerin, Managing Principal of The Georgetown Company. "Alongside our partners, we're excited to work with the City and community to strengthen the tenant mix, bring new energy to the property and reinforce its position as one of America's signature shopping, dining and entertainment destinations."

Who runs leasing and management?

CBRE will oversee office leasing. Newmark will handle retail leasing. CP Group and Georgetown will collaborate on managing the office and retail components, while ZRS Management takes residential operations and leasing.

The purchase follows CP Group's sale of the 124-acre Boca Raton Innovation Campus, which it unloaded after completing a $100 million capital improvement program there.

The partners say the coordinated strategy will support investment across each of Mizner Park's components and reinforce the development's position within downtown Boca Raton — a bet that a 30-year-old landmark can anchor the district's next cycle.