A 15-acre site southeast of Mequon and Pilgrim roads in Germantown is poised for redevelopment after being sold by the owner of the property’s longtime occupant, The Flower Source, which will close for good by the end of the year.
Flower Source owner Kostas Koutantzis sold the property in October to Milwaukee-based commercial real estate company Greywolf Partners for $1.3 million.
Wally Sauthoff, managing director for NAI Greywolf Brokerage (an affiliate of Greywolf Partners), who brokered the sale, said the land will likely be used for some kind of redevelopment but that he wasn’t sure what. He noted that Greywolf Partners already owns an acre immediately to the north of the Flower Source site along Pilgrim Road.
Koutantzis, 75, said he was already thinking of retiring when the opportunity to sell the property came up.