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| Douglas K. Mandel |
MIRAMAR, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Shoppes at Monarch, a 13,466-square foot retail property
located in Miramar, Fla, according to Ryan Nee, regional manager of the
firm’s Fort Lauderdale office.
The asset sold for $6,150,000 equating to $457
per square foot.
Douglas K. Mandel,
a first vice president investments, and Barry M. Wolfe, a vice president
investments, in Marcus & Millichap’s Fort Lauderdale office, had the
exclusive listing to market the property on behalf of the seller, a limited
liability company from Coral Springs, Fla.
The buyer was a limited liability company from Miami Beach, Fla.
The property is a
Mediterranean-style center featuring prime retail and restaurant spaces and is
part of the Monarch Professional Centre mixed-use development that also
includes 64,000 square feet of medical and professional office space. The center is 100 percent occupied by a mix
of local and national tenants including: Little Caesars Pizza, Karate America,
and restaurants Nami Sushi and El Trebol.
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| Barry M. Wolfe |
“The surrounding area’s
demographics are extremely optimistic and suggest a massive population growth
of over 10 percent by 2019,” says Mandel.
“With an average age of just over 34
years old and median household income of almost $80,000 per year within one
mile of the property, the upside potential of future revenue increases is very
apparent.”
The property’s
strategic location just north of Florida’s Turnpike, less than two miles east
of Interstate 75 and south of Pines Boulevard, offers convenient access to and
from the densely populated residential communities of Pembroke Pines and
Miramar as well as all of the major travel arteries of South Florida.
Shoppes at Monarch is located at 12703
Miramar Parkway in Miramar, FL
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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