The Real Deal Miami

Miramar shopping center sells for $6.1M

Site last sold for $1.12M in 2006

February 26, 2015 03:45PM
By Sean Stewart-Muniz

  • Print
The Shoppes at Monarch

The Shoppes at Monarch

A retail plaza in Miramar was purchased by a Miami Beach company for $6.1 million, or $457 per square foot, Marcus & Millichap announced Thursday.

The Shoppes at Monarch is a 13,466-square-foot property, at 12703 Miramar Parkway.

Manaca Monarch Center, a Miami Beach company, purchased the property. The buyer is tied to Manaca Investment, which also owns a retail center in Pinecrest and in South Miami, according to Miami-Dade County property records.

Douglas Mandel and Barry Wolfe of Marcus & Millichap brokered the deal for the seller, The Shoppes at Monarch. The Coral Gables-based company bought the property in 2006 for $1.12 million.

The plaza is completely leased. Tenants include Little Caesars, Karate America, and restaurants Nami Sushi and El Trebol, according to a release.

“The surrounding area’s demographics are extremely optimistic and suggest a massive population growth of over 10 percent by 2019,” Mandel said in a statement. “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.”

MENU