KONOVER SOUTH BROKERS SALE OF PALM BEACH RETAIL CENTER

Okee Square, a West Palm Beach retail center anchored by Staples, Michael’s and Rooms To Go Kids was sold for $18.4 million.

Park Pavilion SPE Associates, Michael Ashkenazy in New York, sold the 124,437-square-foot retail center at 2015 Okeechobee Blvd. to Okee Realty Associates, managed by Myron D. Vogel in Boca Raton. Seacoast National Bank provided an $8.2 million mortgage to the buyer.

The sale was brokered by Marcus & Millichap’s Douglas K. Mandel, Barry M. Wolfe, Alan Lipsky, Elon D. Gerberg and Eric Fixler. The buyer was represented by Scott Meyers of Konover South.

“The West Palm Beach market has experienced a tremendous amount of growth in recent years and we are happy to leverage or relationships and bring a buyer who will recognizing the opportunity to benefit from the long-term growth of this particular submarket,” Scott Meyers of Konover South said.

The price equated to $148 a square foot. The 11.4-acre site last traded for $14.58 million in 2006.