Agreement Places $137M Price Tag on Mizner Park

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.