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.
Built on a legacy of family tradition spanning three generations, Konover South continues the successful track record of The Simon Konover Organization, an industry-leading real estate company since 1957. Konover South is a fully integrated acquisition, development and management company operating throughout the southeastern United States. Led by David Coppa, CEO, Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla., phone 954-354-8282. Visit the company’s website at www.konoversouth.com.