(This story, in slightly different form, originally appeared in the Daily Business Review.)
Much of the industrial real estate empire built by Fred Keller, a Palm Beach millionaire who murdered his ex-wife several years ago and who died in prison last year, is being put up for sale this week.
The portfolio includes 29 industrial properties, most of them in West Palm Beach and Lake Worth, totaling about 1.2 million square feet. The asking price has not been determined, but Marcus & Millichap brokers Doug Mandel and Adam Kristol, who are marketing the properties, say it will be in the $75-per-square-foot range, or about $97 million. Local brokers familiar with the Kellers' properties say they expect them to sell for much less, between $50 million and $75 million.
"They are all within a great location and a great area for distribution, but the majority of them are older, B and C class properties," says Christopher Thompson, an industrial broker at Cushman and Wakefield. Thompson estimates the portfolio to be worth between $60 million and $75 million, or $50 to $60 per square foot.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
