Brookfield Properties is searching to provide Boca Raton’s Mizner Park.
The significant blended-use undertaking is on the market unpriced, according to an presenting attained by The Genuine Offer. Accomplished in the 1990s, Mizner Park consists of a 272-device condominium constructing, 270,000 sq. toes of retail properties, a 268,000-sq.-foot office tower and 2,389 parking spaces. The overall venture spans approximately 832,000 square toes.
A commercial authentic estate trader who inquired about the listing advised The Authentic Deal that offers have been submitted for as significantly as $290 million. The investor asked for anonymity.
A JLL group led by Danny Finkle is advertising and marketing the task at 200-201 Plaza True, 400 Northeast Mizner Boulevard and 400 North Federal Highway. Finkle declined remark, as did a spokesperson for New York-primarily based Brookfield.
In 2018, Brookfield acquired Mizner Park as aspect of its $9 billion order of the project’s first developer, Normal Progress Qualities. Brookfield, led by Jared Chupalia, owns the structures, but leases the land underneath from the Boca Raton Local community Redevelopment Agency.
In June, Brookfield signed 20 new and renewal leases for practically 100,000 sq. feet in the office environment tower and Mizner Park Plaza Serious retail making. The business and retail portions are 90 % and 96 % occupied, respectively, in accordance to the supplying. The condominium making is 92 percent leased.
The offering, released in Oct, states Mizner Park’s web running money could expand 38 percent through the subsequent 10 years, from $19 million this yr to about $25 million in 2032.
A likely buyer has the means to raise apartment rents since Boca Raton has minimal new multifamily tasks, irrespective of “an explosive populace advancement,” the supplying states.
On the retail and place of work facet, Mizner Park has about 114,000 square toes obtainable, which include a previous Lord & Taylor department retail store that could be leased to a big box tenant. The 80,000-sq.-foot room could also be redeveloped, the providing states.
Mizner Park’s consumer would be equipped to capitalize on an influx of readers and commuters from nearby metropolitan areas, for the reason that of the project’s near proximity to a prepared Brightline prepare station in Boca Raton, stated Stefano Santoro with Miami-dependent Disruptive Authentic Estate.
“The sale of Mizner Park will come at an opportune time,” stated Santoro, who does not depict the seller.
While it’s unclear why Brookfield is looking to shed Mizner Park, the organization has an additional huge business residence in South Florida that faces economical difficulty.
Brookfield’s Pembroke Lakes Shopping mall in Pembroke Pines has professional a mass exodus of tenants and diminished internet funds flow in new yrs, prompting a warning from Morningstar final calendar year. Morningstar located that Brookfield could have hassle refinancing a $260 million interest-only bank loan that is due subsequent yr.