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JLL Tapped To Lease Miramar Mixed-Use Property

July 12, 2021/in News/by SFOBA STAFF

The JLL brokerage team of Katie Fernandez-Espinosa, Vice President of Retail Advisory Services, and Rafael Romero, Senior Vice President of Retail Advisory Services, will be spearheading the retail and office leasing at the property on behalf of the ownership group Dubner Properties.

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

July 5, 2021/in Done Deals, News/by SFOBA STAFF

Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.

JLL Tapped To Lease Miramar Mixed-Use Property

July 12, 2021/in News/by SFOBA STAFF

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

July 5, 2021/in Done Deals, News/by SFOBA STAFF

Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.

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JLL Tapped To Lease Miramar Mixed-Use Property

July 12, 2021/in News/by SFOBA STAFF

JLL has been appointed to lease the mixed-use property Monarch Gardens situated in Miramar, one of Broward County’s most desirable suburban markets. The property underwent a significant renovation during the pandemic as many companies were working remotely and is now in a position to capture new office and retail leasing demand as South Florida experiences an accelerated recovery.

The JLL brokerage team of Katie Fernandez-Espinosa, Vice President of Retail Advisory Services, and Rafael Romero, Senior Vice President of Retail Advisory Services, will be spearheading the retail and office leasing at the property on behalf of the ownership group Dubner Properties. Property management and owner’s representative services are provided by Gibraltar Realty & Management, which also oversaw the property’s renovation.

Situated at 14429-14485 Miramar Parkway, Monarch Gardens underwent a $4 million renovation project led by construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting. The project’s upgrades include a complete renovation of the main lobby, common areas, and bathrooms, which include the installation of modern, touchless fixtures, the addition of three newly constructed spec office suites, as well as contributions to the buildouts of incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to mitigate the spread of airborne pathogens such as the novel coronavirus. The property now boasts class A office space as a result of the investment made in the extensive renovation.

“Recognizing the value of this property and its unique potential as a boutique, low rise office building with ground floor retail, we made the decision to invest in upgrading the property during the pandemic, while many people were adhering to stay-at-home orders,” said Jonathan Calderon, Director at Gibraltar Realty & Management. “Using this time allowed us to enhance both the office and retail offerings. We are confident in the long-term success of Monarch Gardens as the demand for high-quality, less crowded commercial properties is expected to increase further, particularly in suburban markets.”

At a time when many companies are seeking more suburban office space options to place employees closer to home, restaurants and retailers are also recognizing the value of locations that cater to this growing demographic as more employers adopt hybrid workplace models.

Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property is home to a tenant roster that includes Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet, perfectly suited for professional services companies that seek prime office space in a suburban location closer to established residential communities. The property also offers ample office parking with a ratio of five spaces per 1,000 square feet.

The retail component is comprised of 41,000 square feet with 13,000 square feet currently available for lease. Space options range from 1,200 to 10,000 square feet. The JLL leasing team is seeking complementary retail and restaurant concepts that would cater to the building’s workforce, such as cafes and restaurants serving breakfast and lunch menu options.

“As more people begin to return to an office setting and recalibrate their workplace strategies, suburban quality office and retail space is in high-demand and Monarch Gardens is well positioned to capture that interest from both businesses and retail and restaurant concepts,” said Fernandez-Espinosa.

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

July 5, 2021/in Done Deals, News/by SFOBA STAFF

Marcus & Millichap announced the sale of The Galleria International, a 42,263-square-foot office property and adjacent 30,000 square-foot parking lot located at 301 Clematis Street and 300 Banyan Boulevard in West Palm Beach, according to Ryan Nee, First Vice President/District Manager of the firm’s Fort Lauderdale office.

The asset sold for $20,000,000.

“This transaction is indicative of the insatiable demand for high-quality assets and locations in downtown West Palm Beach primed for re-development and amplified by accelerated in-migration to the region partly as a result of newly formed trends brought on by the pandemic,” stated C. Todd Everett, First Vice President Investments, “Downtown West Palm Beach and Clematis Street are finally at the tipping point of critical mass needed to realize the City’s longtime vision of a 24-hour live, work, play environment.” Everett said.

Everett in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Galleria International, LLC and Safe Parking, LLC. The buyer, Clematis Banyan Investors, a limited partnership, was secured and represented by Scott Geller, an investment specialist in Marcus & Millichap’s New Jersey office.

The Galleria International and 300 Banyan are located in the heart of historic downtown West Palm Beach. The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second and third floors. The Buyer plans to gut renovate the interior and preserve the historic exterior of the existing building while creating a true Class “A” office experience with high ceilings and large windows. Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.

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JLL Tapped To Lease Miramar Mixed-Use Property

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

JLL Tapped To Lease Miramar Mixed-Use Property

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

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JLL Tapped To Lease Miramar Mixed-Use Property

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

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