CP Group has bought back Mizner Park in Boca Raton. The company plans to renovate the retail and residential center it built three decades ago.
The buyer is CP, a firm led by Angelo Bianco and Chris Eachus. It purchased the 838,840-square-foot complex together with developer The Georgetown Company, the ACRE residential fund and investor StepStone. The sources did not give the price of the transaction.
The property is located at 327 Plaza Real. It has about 268,390 square feet of office space, 276,460 square feet of retail space and 272 rental apartments. It adjoins the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park event venue.
The previous owner, Brookfield, took over Mizner Park in 2018 as part of its $9 billion purchase of General Growth Properties. In recent years the property had fallen into disrepair, raising residents’ concerns about the center’s appearance and the quality of its tenants. The property was also put up for sale in 2023, and at least three investors were interested in buying it.
Angelo Bianco, managing partner of CP Group, said that returning to Mizner Park is a “homecoming” for the company as the original developer and a Boca Raton firm. The detailed scope and timeline of the renovation have not yet been announced.
The deal follows several large office-building sales by Boca Raton-based CP. In September, the company sold the 124-acre Boca Raton Innovation Campus to Related Ross for an undisclosed amount.
Source: Sun Sentinel
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Source: Słoneczne Radio
