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Agreement Places $137M Price Tag on Mizner Park

BOCA RATON, FL-The Rouse Co. and a client advised by ING Clarion have agreed to purchase the large mixed-use park here from affiliates of Teachers Insurance and Annuity Association. The park contains 505,000 sf of office and retail space, as well as 272 multifamily residential units.

By Melissa Bogdany | Updated on December 17, 2003

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.

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