PGIM Real Estate bought the Monarch downtown in Miramar, Florida, for $61.5 million, four times the seller’s amount, Stiles Companypaid for the site in 2018.
At the time, Fort Lauderdale-based Stiles paid $15.3 million for 22.5 acres of vacant land and secured a $38.3 million loan from Wells Fargo to develop a mall anchored in grocery store.
Completed in 2021, the 160,000 square foot mall, located at 12601 Miramar Drive, is anchored by Publixwith Ross dress for less and Popeyes as additional tenants.
This isn’t Stiles’ first such deal. In November 2021, the company sold the Plaza Gallerya Fort Lauderdale mall, for $17.4 million, getting the money they paid back eight times more – although in this case they owned the site from 2014.
Stiles is also the developer behind The Hand Las Olasone of the first newly developed office towers in downtown Fort Lauderdale. Completed in 2021, the building has 387,402 square feet of office space and includes JPMorgan Chase, Synovus Bank and Prologis as tenants.
Atlanta-based PGIM Real Estate, the real estate division of the insurance giant Prudential Financialis also no newcomer to South Florida – although he has done After sale (of multi-family assets) than buying lately, including the $886 million sale of a 12-asset portfolio.
Stiles and PGIM did not immediately respond to requests for comment.
Chava Gourarie can be reached at [email protected].