New Jersey investor flips warehouses once owned by Fred Keller

Warehouses on 42nd Terrace

In a quick flip, several warehouse properties in central Palm Beach County sold for $7.6 million, according to commercial real estate brokerage Cushman & Wakefield. They previously traded in October for $5.2 million, according to property records.

All three properties once were part of the warehouse empire amassed by the late Fred Keller, who killed his estranged wife in 2003 and died in prison in 2007. The Silverman Group of Short Hills, New Jersey, last year paid $50 million for Keller’s industrial portfolio. The properties involved in the latest deal:

  • 6677–6687 North 42nd Terrace, a two-building campus totaling 34,520 square feet in Riviera Beach. The metal buildings feature ceilings of 11 to 15 feet.
  • Dyer Business Park, a two-building campus totaling 33,600 square feet at 4574 Dyer Boulevard in West Palm Beach.
  • Westroads Industrial Park, a three-building campus totaling 27,600 square feet. The buildings are at 42494255 and 4261 Westroads Drive in Riviera Beach.

The sale price amounts to $79 per square foot. The properties were 99 percent leased.

Brokering the deal were Greg MillerScott O’Donnell and Dominic Montazemi of Cushman & Wakefield and CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly. The seller was The Silverman Group of Short Hills, New Jersey. The buyer is Palm Tree Industrial LLC of Palm Beach.

 

 

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