PGIM buys Publix-anchored Miramar shopping center for $62M

PGIM Real Estate bought a Publix-anchored shopping center in Miramar for $61.5 million.

PGIM, the real estate investment and financing arm of Prudential Financial, bought Monarch Town Center at 12503-12681 Miramar Parkway from an affiliate of Stiles, according to records. The buyer borrowed $33.5 million from Professional Bank.

The property spans 170,000 square feet on 22 acres, property records show.

Other tenants include Ross Dress for Less, Five Below and Planet Fitness.

Fort Lauderdale-based Stiles developed the plaza in 2020, after buying the site for $15.3 million in 2018. That year, Stiles also scored $38.3 million in construction financing for the project.

Stiles will handle management and leasing of Monarch Town Center, according to the firm.

Howard Stiles founded Stiles in 1951 as a residential contractor, and his son, Terry Stiles, expanded the firm into commercial real estate. The late Terry Stiles stepped down as CEO in 2017, leaving the company in the hands of his son, Ken Stiles.

The firm’s projects include The Main Las Olas mixed-use complex, which it co-developed with Shorenstein. Completed last year, The Main added to the canyon of buildings that have come to define downtown Fort Lauderdale.

Stiles and PGIM also are partnering to develop a multifamily complex, the 315-unit Plantation Midtown Apartments at 1301-1303 Southwest 80th Terrace. Last year, the pair bought the site for $5.4 million and scored a $64.2 million construction loan.

In December, Stiles and Lubert-Adler Real Estate Funds sold the Shops at Beacon Lakes in unincorporated Miami-Dade County near Dolphin Mall for $108 million, which marked a record South Florida retail deal last year, for at least the previous four years.

PGIM, based in Newark, N.J., and led by Eric Adler, is a frequent South Florida real estate investor. In October, an entity tied to PGIM sold the Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek for $132 million.

Retail took a hit during 2020, but it has been bouncing back. In Broward County, the third quarter vacancy rate fell to 4.3 percent from 5 percent during the same period last year, according to Colliers. The asking rent reached $26.60 a square foot, up from $23.10 a square foot during the third quarter of last year.

Investors’ appetite has been especially strong for grocery-anchored shopping centers.

This month, RK Centers, led by Miami Heat minority owner Ranaan Katz, bought the Aldi-anchored retail plaza at 10790 Biscayne Boulevard and 1290 Northeast 108th Street near North Miami for $38 million.