Lee & Associates’ Greg Milopoulos Completes Sale Of Downtown Fort Lauderale Property
The property, includes a 3,941-square-foot retail/industrial building and vacant lot encompassing a total of .73 acres, sold for above the initial asking price.
The property, includes a 3,941-square-foot retail/industrial building and vacant lot encompassing a total of .73 acres, sold for above the initial asking price.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
Matthew G. McAllister and Christopher Thomson are overseeing leasing efforts on behalf of the property’s new landlord.
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The $11,150,000 price tag is one of the highest purchase prices that the area has seen, according to APEX Capital Realty.
JLL’s Peter Sheridan, Yuri Quispe, and Peter Johnston represented the owner and developer in the lease negotiations.
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Senior Vice President Carlos Gaviria, Executive Managing Directors Ben Eisenberg and Walter Byrd and Managing Director Thomas Kresse represented the buyer in the transaction.
TrueCoverage, LLC, an insurance marketplace that delivers affordable health insurance from over 600 top insurance company partners, will occupy the space.
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