Saturday, February 28, 2015

Marcus & Millichap Brokers $6.1 Million Sale of Shoppes at Monarch in Miramar, FL


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.

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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