CP Group, a value-add owner-operator of office properties across the Sunbelt, The Georgetown Company, a privately held diversified real estate company, and ACRE, an institutional residential fund manager, together with investment partner StepStone, today announced the acquisition of Mizner Park in downtown Boca Raton.

The acquisition brings together CP Group’s perspective as the original developer of Mizner Park, Georgetown’s proven track record of developing and reimagining landmark mixed-use properties, and ACRE’s multifamily expertise to guide the long-term strategic repositioning of Mizner Park and usher the property into its next chapter.

The acquisition of the 838,840-square-foot office, retail, and residential property represents a full-circle moment for CP Group, which originally developed Mizner Park between 1991 and 1999, and helped establish downtown Boca Raton as a place to shop, work, live, and gather. From the outset, CP Group envisioned Mizner Park as more than a commercial venture, with arts and culture forming a founding pillar of the plan, woven into the fabric of the district alongside shops, offices, and residences. As one of the nation’s first mixed-use projects, Mizner Park has anchored community life in Boca Raton for more than three decades and set the blueprint for today’s walkable, experience-driven districts across the country.

“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. “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.”

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

The Georgetown Company, along with its partners CP Group and ACRE, will lead the repositioning of the streetscape environment, including the retail tenancy and merchandising mix, helping to guide the master plan and next iteration of Mizner Park to recapture its status as a leading mixed-use lifestyle shopping center in the country. Georgetown brings decades of experience developing, repositioning and managing major mixed-use properties across the country, 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, among many others.

“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. We look forward to sharing more about our long-term vision as plans take shape.”

Ownership will collaborate with the City of Boca Raton and its constituents to revitalize and restore Mizner Park as the premier mixed-use destination in South Florida. Planned improvements will also include updates to building facades, hardscaping, landscaping, wayfinding, back-of-house infrastructure, office common areas, and existing multifamily residences and amenities, all as part of a significant capital improvement strategy to revitalize Mizner Park.

ACRE will lead the multifamily component of Mizner Park, overseeing the property’s 272 apartment homes and a planned renovation that includes upgrades to residences and resident amenities. ACRE brings deep experience owning, repositioning, and operating multifamily properties across U.S. markets, and is intimately familiar with the South Florida market. The firm’s vertically integrated platform, which includes asset management and construction management capabilities, supports disciplined execution of value-add business plans from acquisition through stabilization.

“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.”

“We’re pleased to partner with ACRE, CP Group and The Georgetown Company on the acquisition of Mizner Park, one of the country’s first and most iconic mixed-use destinations,” said Alex Abrams, Partner at StepStone. “Through our co-investment program with ACRE, StepStone is proud to support a sponsor group that pairs deep roots in Boca Raton with a proven record of reimagining landmark properties. 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.”

Mizner Park 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 property is adjacent to the Boca Raton Museum of Art, the Mizner Park Amphitheater, which hosts various outdoor performances and cultural offerings, and The Studio at Mizner Park, which brings award-winning live theater, musicals, concerts, and expansive event space to Downtown. At less than a five-minute walk to the Boca Raton Brightline station, it has prime access to major employment and residential areas from Miami to West Palm Beach.

The acquisition marks a long-term commitment by Georgetown, CP Group and ACRE to Mizner Park and downtown Boca Raton.

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 financing, provided by Blackstone. John Criddle, Joe Freitas and Max Pawk of CBRE will lead office leasing efforts, 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, while ZRS Management will manage residential operations and leasing.