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Stiles Corp. and its partners sold Monarch Town Center, a Publix-anchored shopping center in Miramar for $61.54 million.
Miramar Investment Partners LLC, a partnership between Fort Lauderdale-based Stiles Corp. and Ponte Vedre Beach-based Ferber Co., sold the 150,426-square-foot retail center at 12503 to 12681 Miramar Parkway to Monarch Town Center Owner LLC, care of Newark, New Jersey-based PGIM Real Estate. Professional Bank provided a $33.5 million mortgage to the buyer.
The price worked out to $409 per square foot.
Completed earlier this year, Monarch Town Center at the corner of Miramar Parkway and Flamingo Road. In addition to Publix, tenants include Ross Dress for Less, Five Below and Planet Fitness. The Publix is a new prototype with a 3,000-square-foot mezzanine for dining.
Stiles broke ground on the project in 2019, so the shutdowns during the Covid-19 pandemic created a challenging environment for retail. However, retail has bounced back strong in Broward County and Stiles was able to find plenty of tenants for the shopping center.
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Total leaseable square footage
| Rank | Prior Rank | Mall / Prior (*Not ranked in 2021) / URL |
|---|---|---|
1 | 1 | Aventura Mall |
2 | 2 | Sawgrass Mills |
3 | 3 | Town Center at Boca Raton |
