Lee & Associates’ Greg Milopoulos Completes Sale Of Downtown Fort Lauderale Property

Lee & Associates South Florida Principal Greg Milopoulos closed the sale of a downtown Fort Lauderdale commercial building that has future redevelopment potential.

The $2.425 million transaction, which was above the initial asking price, closed on Aug. 24.

Milopoulos marketed the 900-901 N. Andrews Ave. site on behalf of seller John Mar III LLC. KP Storage LLC is the buyer.

The property includes a 3,941-square-foot retail/industrial building and vacant lot encompassing a total of .73 acres currently being used as an automotive repair facility and a general overflow parking lot.

KP Storage LLC plans to occupy the majority of the Fort Lauderdale property, with eventual plans for redevelopment a few years from now.

Milopoulos had an existing relationship with the seller for over 8 years which included assisting in brokerage and construction management.

“We are thrilled to secure a favorable outcome for our client which included sourcing several offers each outperforming the other in a different way but ultimately settling with a group we knew could close in a time when closing investment sales transactions is particularly challenging,” Milopoulos said. “Our team successfully leveraged Lee & Associates’ world-class tools and national network to complement our local market knowledge and relationships.”

Milopoulos joined Lee & Associates South Florida earlier this year. He works to represent clients in dispositions and generating investment sales opportunities throughout the tri-county area.