Home News Brookfield Looks To Sell Mizner Park in Boca Raton

Brookfield Looks To Sell Mizner Park in Boca Raton

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Jared Chuparlia and Mizner Park in Brookfield (Google Maps, Brookfield)

Brookfield Properties is considering the sale of Mizner Park in Boca Raton.

The large multi-purpose project is on the market without a price, according to an offer obtained by. realCompleted in the 1990s, Mizner Park consists of 272-unit apartments, a 270,000-square-foot retail building, a 268,000-square-foot office tower, and 2,389 parking spaces. The entire project spans approximately 832,000 square feet.

A commercial real estate investor who inquired about the listing said: TRDs The offer was submitted for as much as $290 million. The investor requested anonymity.

The JLL team, led by Danny Finkle, is pitching the project at 200-201 Plaza Real, 400 Northeast Mizner Boulevard, and 400 North Federal Highway. Finkle, like a spokesperson for New York-based Brookfield, declined to comment.

In 2018, Brookfield acquired Mizner Park as part of that effort. $9 billion Purchase of General Growth Properties, the original developer of the project. Brookfield, led by Jared Chupalia, owns the building but leases the land below from the Boca Raton Community Redevelopment Agency.

in June, brookfield Signed 20 new and renewed leases for approximately 100,000 square feet of office towers and the Mizner Park Plaza Real Retail Building. According to the offering, office and retail occupancy is 90% and 96% respectively. The apartment building is 92% rented.

Mizner Park’s net operating income could rise 38% over the next decade, from $19 million this year to about $25 million in 2032, according to the offering announced in October.

Boca Raton is limiting new multi-family housing projects despite its “explosive population growth,” allowing potential buyers to raise apartment rents.

On the retail and office front, Mizner Park has approximately 114,000 square feet of space, including the former Lord & Taylor department store that could be leased to larger tenants. The 80,000-square-foot space could also be redeveloped, the offering said.

in Mizner Park According to Miami-based Disruptive Real Estate’s Stefano Santoro, the project’s proximity to the planned Brightline train station in Boca Raton will allow it to take advantage of the influx of visitors and commuters from nearby cities. I can.

“The sale of Mizner Park came at the perfect time,” said Santoro, who did not represent the seller.

It’s unclear why Brookfield is considering selling Mizner Park, but the company owns another large commercial property in South Florida and is facing financial difficulties.

Brookfield’s Pembroke Lakes Mall in Pembroke Pines has experienced a massive tenant exodus and declining net cash flow in recent years, prompting an alert from Morningstar last year.Morningstar finds Brookfield may struggle to refinance $260 million Interest free loan due next year.

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