Saturday, June 9, 2018

Okee Square in West Palm Beach, FL Trades Hands for $18.4 Million



West Palm Beach, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Okee Square, a 124,000-square foot retail property located in West Palm Beach, Fla., according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $18,400,000.

Douglas K. Mandel
“Okee Square is offering the new owner an opportunity to own a stabilized retail property in the surging retail market of Palm Beach County with an upside of filling the 9,000-square foot vacancy with another national tenant,” states Douglas K. Mandel, senior managing director investments, in Marcus & Millichap’s Fort Lauderdale office.

Okee Square is located at 2021-2031 Okeechobee Boulevard in West Palm Beach. The property consists of approximately 103,690 square feet of inline space as well as two outparcels; a 16,010 square foot Rooms To Go Kids and 4,300 square foot PDQ Restaurant.

Barry M. Wolfe
Okee Square’s excellent location just off Interstate 95 included 575 feet of frontage along the dense Okeechobee Road retail corridor.
Barry M. Wolfe, senior managing director investments, says, “We are continuing to see very strong demand for retail properties throughout the South Florida market.  Both local investors and buyers from out-of-area are seeing the benefit of owning well located retail assets in the Florida market. 

Alan Lipsky
"The West Palm Beach market has experienced a tremendous surge in recent years of investor interest with many investors recognizing the opportunity to benefit from the long-term growth of this particular submarket."
Mandel, Wolfe, Alan Lipsky, vice president investments, and Elon D. Gerberg, associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured the buyer, a limited liability company.
Scott Meyers from Konover South procured the buyer, Myron Vogel.  Eric Fixler of Marcus & Millichap Capital Corporation collaborated in providing capital markets solutions to the buyer pool.

For more information, please contact:

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400


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