CP Group, The Georgetown Company and ACRE Acquire 838,840-Square-Foot Mizner Park in Boca Raton

CP Group, The Georgetown Company and ACRE, together with investment partner StepStone, announced the acquisition of Mizner Park, an 838,840-square-foot office, retail and residential property in downtown Boca Raton, Florida. The announcement was made Nov. 9, 2026.

CP Group, which originally developed Mizner Park between 1991 and 1999, is returning to the asset as part of the buyer group. JLL arranged financing for the transaction, which was provided by Blackstone, and JLL also represented the sellers.

Mizner Park Acquisition: Deal and Property Details

Mizner Park sits at 327 Plaza Real in downtown Boca Raton and spans approximately 30 acres. The 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 rental units.

The seller was Brookfield Properties, which obtained the asset through its 2018 acquisition of General Growth Properties. The property was marketed earlier and reportedly drew bids of up to approximately $290 million, but no transaction closed at that time.

The property is adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater and The Studio at Mizner Park, which hosts live theater, musicals, concerts and events. It is less than a five-minute walk from the Boca Raton Brightline station, which provides access to employment and residential areas from Miami to West Palm Beach.

Buyer Group Roles: CP Group, The Georgetown Company, ACRE and StepStone

The buyer group combines three sponsors with distinct operating roles. CP Group is a value-add owner-operator of office properties across the Sunbelt. The Georgetown Company is a privately held, diversified real estate company. ACRE is an institutional residential fund manager. StepStone is investing through its co-investment program with ACRE.

The Georgetown Company, along with CP Group and ACRE, will lead the repositioning of the streetscape environment, including the retail tenancy and merchandising mix, and will help guide the master plan for the property. Georgetown cited experience with properties including Easton Town Center in Columbus, Ohio; Halcyon in Alpharetta, Georgia; 787 Eleventh Avenue in New York City; and Campus 244, an adaptive-reuse redevelopment in Atlanta.

ACRE will lead the multifamily component, overseeing the property's 272 apartment homes and a planned renovation that includes upgrades to residences and resident amenities. The firm said its vertically integrated platform includes asset management and construction management capabilities.

"Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm. We're reinvesting in our own backyard and in a place we brought to life more than three decades ago," said Angelo Bianco, Managing Partner of CP Group.

CP Group said it plans to build on its relationships and investments in the City of Boca Raton, including its recent sale of the 124-acre Boca Raton Innovation Campus following completion of a $100 million capital improvement program.

"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."

"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. He added that ACRE was pleased to partner again with StepStone, its longtime co-investment partner.

Alex Abrams, Partner at StepStone, said the firm is "proud to support a sponsor group that pairs deep roots in Boca Raton with a proven record of reimagining landmark properties."

Planned Capital Improvements and Repositioning Strategy

Ownership said it will collaborate with the City of Boca Raton and its constituents on the revitalization of Mizner Park. Planned improvements include updates to building facades, hardscaping, landscaping, wayfinding, back-of-house infrastructure, office common areas, and existing multifamily residences and amenities, as part of what the group described as a significant capital improvement strategy.

The strategy responds to a challenge facing older mixed-use destinations: maintaining tenant relevance and foot traffic as retailers, office users and consumers increasingly favor walkable, experience-oriented environments. The asset's mix of office, retail and residential space provides diversification but also requires separate leasing and operating plans for each component.

Leasing, Management and Advisory Teams

John Criddle, Joe Freitas and Max Pawk of CBRE will lead office leasing, while Mitch Heifetz and Ariel Schuster of Newmark will oversee retail leasing. CP Group and The Georgetown Company will collaborate to manage the office and retail properties, and ZRS Management will manage residential operations and leasing.

Danny Finkle, Matt McCormack and Michael Roukis of JLL represented the sellers in the transaction. Danny Kaufman, Preston Bacon and Paul Stasaitis of JLL arranged the Blackstone financing.

Outlook for Downtown Boca Raton

The buyers described the acquisition as a long-term commitment to Mizner Park and downtown Boca Raton. Key indicators to watch as the business plan proceeds include leasing activity across the office and retail components, apartment occupancy and rents following renovations, and the timing of the planned capital improvements. Georgetown said it looks forward to sharing more about its long-term vision as plans take shape.

Sources

• CP Group: https://cpgcre.com/news/acquisition-of-iconic-mizner-park-in-boca-raton/