Boca Raton Personal Injury Lawyers Blog | Ellis, Ged & Bodden P.A.
West Palm Beach, Florida
Nine months of work ends in nearly $12 million deal
Friday, August 7, 2009
Attorney Marius Ged The Deal:
Miami-based Rigstar II Holdings paid $11.92 million for a 156,871-square-foot warehouse in northern Miami-Dade County. First Industrial Realty Trust was the seller in the deal that closed July 24.
Details: Ged, who represented Rigstar, worked on the deal for nearly nine months. First Industrial originally wanted $17.25 million, or $110 per square foot. Eventually, the Chicago-based real estate investment trust agreed to sell for $75.98 per square foot.
“On a price per square foot basis, we did pretty well,” Ged said. The 2-year-old warehouse, at 10910 NW 92nd Terrace, is within the Flagler Station business park, which has about 9 million square feet of office, retail and industrial space.
Rigstar plans to turn the warehouse into the logistical headquarters for a company that exports and imports electronics to Latin America. Rigstar is led by Ghassan Abboud, according to the Florida Division of Corporations. Rigstar obtained an $8.2 million mortgage from Citibank for 70 percent of the purchase price.
Ged said negotiations were complex in part because the seller wasn’t familiar with Florida laws, especially how property taxes are calculated. “I learned that when you are dealing with an out-of-state seller on a transaction this large, to require them to get local counsel because they don’t understand the nuances of Florida laws,” he said. “And it just becomes more difficult.”
Background: Ged is an attorney with Ellis Ged & Bodden. He leads the firm’s real estate, estate planning, asset protection and corporate business transactional departments. First Industrial was represented by Chicago attorney Dapo Adedeji of Barack Ferrazzano Kirschbaum & Nagelberg.
Miami-based Rigstar II Holdings paid $11.92 million for a 156,871-square-foot warehouse in northern Miami-Dade County. First Industrial Realty Trust was the seller in the deal that closed July 24.
Details: Ged, who represented Rigstar, worked on the deal for nearly nine months. First Industrial originally wanted $17.25 million, or $110 per square foot. Eventually, the Chicago-based real estate investment trust agreed to sell for $75.98 per square foot.
“On a price per square foot basis, we did pretty well,” Ged said. The 2-year-old warehouse, at 10910 NW 92nd Terrace, is within the Flagler Station business park, which has about 9 million square feet of office, retail and industrial space.
Rigstar plans to turn the warehouse into the logistical headquarters for a company that exports and imports electronics to Latin America. Rigstar is led by Ghassan Abboud, according to the Florida Division of Corporations. Rigstar obtained an $8.2 million mortgage from Citibank for 70 percent of the purchase price.
Ged said negotiations were complex in part because the seller wasn’t familiar with Florida laws, especially how property taxes are calculated. “I learned that when you are dealing with an out-of-state seller on a transaction this large, to require them to get local counsel because they don’t understand the nuances of Florida laws,” he said. “And it just becomes more difficult.”
Background: Ged is an attorney with Ellis Ged & Bodden. He leads the firm’s real estate, estate planning, asset protection and corporate business transactional departments. First Industrial was represented by Chicago attorney Dapo Adedeji of Barack Ferrazzano Kirschbaum & Nagelberg.
posted by Ellis, Ged and Bodden, P.A. at 5:51 AM
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