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.
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.