The Real Deal Miami

Palm Beach marketing parcel west of Turnpike

The town seeks a buyer for 5.9 acres of a 28.5-acre lot on Okeechobee Road

August 21, 2016 01:00PM

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Palm Beach is marketing part of this town-owned land in West Palm Beach (Source: Palm Beach Daily News)

5976 Okeechobee Boulevard in West Palm Beach. (Source: Palm Beach Daily News)

The Palm Beach Town Council decided to market part of a town-owned lot west of Florida’s Turnpike on Okeechobee Boulevard in West Palm Beach.

The town council declared a 5.9-acre parcel at 5976 Okeechobee Boulevard as “surplus property” and directed town staff to negotiate with companies that have offered to buy the parcel.

The highest unsolicited offer for the parcel is a $4.4 million bid by Saber Real Estate Advisors, according to Jay Boodheshwar, deputy town manager. Saber has offices in Aventura and Armonk, New York.

Appraisal firm Callaway & Prince Inc. estimated the 5.9-acre parcel is worth $3.85 million to a commercial or industrial property developer. Another appraisal last year put the parcel’s value at $2.95 million to $3.2 million.

Mayor Gail Coniglio said Palm Beach bought the land in 1938 for $10.

The 5.9-acre parcel, which fronts Okeechobee Boulevard, is part of a 28.5-acre lot. A large section of the lot serves as a landfill. A Fraternal Order of Police lodge is located on the west side of the rectangular lot.

Auto retailer CarMax wants to purchase the entire 28.5-acre lot, according to CarMax representative Dan Lynch of Atlantic Retail Properties. [Palm Beach Daily News] — Mike Seemuth