Myron Vogel buys Okee Square center in West Palm

The property, which sold for $18.4M, is anchored by Advance Auto Parts, Michael’s and Staples

Okee Square
Okee Square

The Okee Square shopping center in West Palm Beach just sold to a Boca Raton real estate investor for $18.4 million.

Myron Vogel purchased the 124,000-square-foot center at 2015 Okeechobee Boulevard for about $148 per square foot from a New York-based company owned by Itzhak Ashkenazy and Jonathan Agus. Ashkenazy and Agus bought the property for $14.5 million in 2006.

The shopping center consists of about 103,690 square feet of inline space as well as two out parcels – a 16,010-square-foot Rooms To Go Kids and a 4,300-square-foot PDQ Restaurant. It is near I-95 and includes 575 feet of frontage on Okeechobee Road.

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Okee Square is anchored by Advance Auto Parts, Michael’s and Staples, which account for 62 percent of the total rentable square footage, according to Marcus & Millichap’s Wolfe Retail Group. Advance Auto Parts recently signed a 10-year lease in July of 2017, and both Staples and Michaels recently extended their lease terms until 2022 and 2023. Vogel said is looking to find a national tenant to fill a vacancy left by Bed Bath & Beyond.

Vogel owns another shopping center, Crosstown Plaza at 2895 North Military Trail, which is anchored by a Publix and said he also owns property in Delray Beach.

Marcus & Millichap’s Douglas K. Mandel, Elon D. Gerberg, Barry M. Wolfe and Alan Lipsky brokered the deal.