CP Group leads purchase of Boca Raton's Mizner Park from Brookfield

CP Group, The Georgetown Company and fund manager ACRE, with investment partner StepStone, bought Mizner Park, an 838,840-square-foot office, retail and residential property in downtown Boca Raton, Fla., from Brookfield Asset Management. Terms were not disclosed.

The acquisition covers 268,391 square feet of office, 276,461 square feet of retail and 293,988 square feet of residential across 272 rental units, or 32%, 33% and 35% of the total. The joint venture plans to renovate and upgrade the development. JLL's Danny Finkle, Matt McCormack and Michael Roukis represented Brookfield. Danny Kaufman, Preston Bacon and Paul Stasaitis, also of JLL, arranged financing from Blackstone.

CP Group and Georgetown will run the office and retail — 544,852 square feet, 65% of the property — while ZRS Management takes the 272 apartments and their leasing. A family office benchmarking the trade would want the renovation budget set against that commercial 65% before underwriting the two sponsors' operating role.

Mizner Park returns to CP Group, which developed it between 1991 and 1999, as part of the joint venture buying it back more than 25 years later.

StepStone, the investment partner, reported $107.8 billion in regulatory assets, 978 employees and 412 accounts in its July 30 Form ADV.

The acquisition comes the same week Brookfield walked away from a 785-unit Los Angeles apartment tower, as Private Wealth Daily previously reported.