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BOCA RATON, FL-The Rouse Co. and a client advised by ING Clarion have agreed to buy Mizner Park, a mixed-use project including 268,000 sf of office space, 237,000 sf of retail and 272 multifamily residential units in the city, for approximately $136.9 million. The current owners and would-be sellers are affiliates of Teachers Insurance and Annuity Association.

Under the agreement, affiliates of the Rouse Co. and ING Clarion’s client will be 50% joint venture partners in the office and retail portions of the project, while ING Clarion’s client will own all the residential space. Of the purchase price, $32.6 million relates to the residential component, to be purchased solely by ING Clarion’s client. The Rouse Co.’s share of the purchase is about $52.1 million, allocated almost equally between office and retail space. This leaves ING Clarion’s client’s share nearly $84.8 million.

Mizner Park, a large-scale project, consists of two six-story buildings with 57,000 sf of ground-floor retail space and 136 apartments above it; two three-story buildings with 100,000 sf of ground-floor retail space and 104,000 sf of office space above it; a nine-story apartment building with 112 units and 50 parking spaces; a seven-story office building with 164,000 sf and 56 parking spaces; a two-story, 80,000-sf Robb & Stucky; 24 three-story townhouses; and four parking decks with a total of 2,114 spaces.Most of the aspects of the acquisition were finished on Dec. 11, while the seven-story office tower–representing $36.9 million of the total purchase price–is set to be purchased next year. Holiday Fenoglio Fowler LLP, a national real estate investment banking firm, represented TIAA in the transactions.

Mizner Park is located on US Route 1 Downtown–in a city with an average annual household income of more than $114,000 and a population of about 131,000. “Boca Raton is a thoughtfully developed community with very affluent residents and visitors, and with a solid and growing business base,” Anthony W. Deering, chairman and CEO of the Rouse Co., says in a statement. “The planning, design and operation of Mizner Park have been skillfully executed to be a part of and to serve this dynamic area. We look forward to being part of the community as we pursue opportunities to enhance Mizner Park’s position as one of the nation’s best mixed-use projects.”Mizner Park has more than 40 specialty shops, including Tommy Bahama, Banana Republic, Ann Taylor Loft and Bang & Olufsen; eight restaurants; Mizner Park Cinema; the Boca Raton Museum of Art; the Centre for the Arts at Mizner Park and the Mizner Park Amphitheater.

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