MOUNT OLIVE, NJ–CBRE Group sold a a 12-acre parcel of vacant land at the International Trade Center here for $2.35 million to an Italian food company - and the company is already at work on construction of a 180,000-square-foot food processing facility.
Stephen Sander, who along with Thomas Mallaney, represented Exeter Properties in selling the parcel, said he thinks the transaction is “significant” in the state and regional market. “We're especially excited about the deal because we have not seen a major land development sale of industrial property in Morris County in quite some time,” Sander said.
The International Trade Center is the former site of BASF's headquarters. BASF left Mount Olive in 2004 and its North American headquarters are now in Florham Park.
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