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.
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