Real EstateSaturday, November 7
CP Group and partners buy Mizner Park back from Brookfield Properties
The 5AM Boca Raton team
If you've ever strolled Plaza Real, Mizner Park has new owners with old ties. A joint venture of CP Group, The Georgetown Company, ACRE and StepStone has acquired the 838,840-square-foot property. The Real Deal says Brookfield Properties was the seller. CP, based in Boca Raton, developed it between 1991 and 1999. The price hasn't been made public, and Blackstone provided financing.
“Returning to Mizner Park is a homecoming for us, both as its original developer and as a Boca-born firm.”
Mizner Park covers 838,840 square feet
Floor area of Mizner Park, beside places you know
15 football fields would fit inside Mizner Park
Sources: The Boca Raton Tribune, The Real Deal
View as table
| Floor area | |
|---|---|
| Mizner Park | 838,840 sq. ft. (On 30 acres downtown) |
| A football field | 57,600 sq. ft. (end zones included) |
| A Walmart Supercenter | about 180,000 sq. ft. |
The group plans to update building facades, infrastructure, office common areas and apartments. Georgetown will lead the retail and streetscape changes, including modern hardscaping and refreshed landscaping. The purchase follows CP's sale of One Boca Place for $78.9 million in October.
- Apartments: 272 rentals, with ZRS Management handling operations
- Retail tenants: Lilly Pulitzer, Tommy Bahama and a Restoration Hardware Outlet
- Land: the city's Community Redevelopment Agency owns it under the commercial complex
- East Boca retail vacancy: 4.5% in the third quarter, per Colliers
CP sold offices this fall, then bought Mizner Park back
- 1991CP begins developing Mizner Park in phases, finishing in 1999.
- 2018Brookfield acquires Mizner Park in its $9 billion General Growth Properties purchase.
- Sept. 2026CP sells the Boca Raton Innovation Campus to Related Ross.
- Oct. 2026Golden East Investors buys One Boca Place for $78.9 million.
- Nov. 6CP-led joint venture buys Mizner Park from Brookfield.
Sources: The Boca Raton Tribune, The Real Deal
Sources: The Boca Raton Tribune, The Real Deal