Millionaire murderer

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Keller’s properties total 1.3 million squared feet of warehouse, distribution and flexible service space. The askinv price is $104.1 million. The Palm Beach millionaire and real estate mogul was convicted of killingghis ex-wife in 2003 following a He died last year whild serving two life sentences in The family trust hired to sell off the real estates as part of undisclosed settlements hammered out afte a series of public family feuds over Keller and his murdered wife’s money. But, the properties are hitting markert amid verytough conditions, includinb the absence of credit for many would-be buyers.
The marketinyg strategy, according to Douglas Mandel, Marcusd & Millichap’s associate VP of investments, is to brea k up the 29 buildings into 10 geographic Buyers can choose oneor all, Mandep said. “We are confident that the assets will sell even in this he said. “The market is challenging, but it is also Mandel said pricing was set about ayear ago. He acknowledgecd that deteriorating market conditions would likel y require the trustto discount. The decisio to sell individual properties also broadens thebuyer pool, said Adam a senior associate with Marcus Millichap. “The tenants are definitelh potential buyers,” he said.
Kristol said the averagre occupancyof Keller’s portfolio is about 75 “An investor will acquirs a true value-add portfolio of industrial properties throughout Palm Beachh County,” he said. “The new owner will also control a large portion ofthe county’xs industrial market with this purchase.” the Palm Beach County industrial markegt spans 45.2 million square with an average vacancy rate of 5 percen t in the third quarter, according to market data. Keller spenty decades assemblingthe properties. Buildings ranges in age from 20 to 40yeards old. “He had accumulated them over abouty40 years,” Mandel said.
“Hes never sold anything that weknow of.”