Palm Beach marketing parcel west of Turnpike

Miami /
Aug.August 21, 2016 01:00 PM

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


Related Articles

arrow_forward_ios
Dr. Ernst A. Langner and Nataly Langner with their Palm Beach estate (Compass, Dr. E.A. Langner-Foundation)
German entrepreneur sells oceanfront Palm Beach estate for $110M
German entrepreneur sells oceanfront Palm Beach estate for $110M
Edgar Bronfman Jr. and his Palm Beach home (Getty, 200 Regents / Sotheby's)
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
Suzanne Frisbie and Corcoran CEO Pam Liebman (Corcoran)
Suzanne Frisbie returns to Corcoran in Palm Beach
Suzanne Frisbie returns to Corcoran in Palm Beach
(Christian J. Angle Real Estate)
Waterfront Palm Beach home sells for $33M after nearly 30 years in family’s hands
Waterfront Palm Beach home sells for $33M after nearly 30 years in family’s hands
232 Bahama Lane in Palm Beach, Jeffrey A. & Erica R. Keswin (middle) and Scott Goodwin & Kimberly Goodwin (right) (Photos via Compass, Facebook, Getty, Lyrical AM)
Hedge funders galore: One flips Palm Beach home to another for $7M
Hedge funders galore: One flips Palm Beach home to another for $7M
Igor Tulchinsky and 12088 Banyan Road (Getty, Douglas Elliman)
Hedge funder Igor Tulchinsky spends $40M on oceanfront North Palm Beach mansion
Hedge funder Igor Tulchinsky spends $40M on oceanfront North Palm Beach mansion
Tommy and Dee Olceppo Hilfiger with 313 Dunbar Road (Getty, Google Maps)
Tommy Hilfiger drops $21M for waterfront Palm Beach home
Tommy Hilfiger drops $21M for waterfront Palm Beach home
Cosmetic mogul Adrien Arpel and the Palm Beach home. (Getty, Frankel Ball Realty)
Cosmetic mogul Adrien Arpel sells waterfront Palm Beach home for $25M
Cosmetic mogul Adrien Arpel sells waterfront Palm Beach home for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...