The building traded for a price tag that was reported as $4.4 million, a number which factors out to just over $13.50 per sf. No further financial details of the sale were disclosed by the parties involved.

The buyer of the sprawling asset was Garden Commercial Properties, based in Short Hills, NJ, a subsidiary of Garden Homes. Privately held by the Wilf family, Garden Homes has been a major owner and developer of apartment complexes and shopping centers in the Garden State.

While family officials haven't announced their plans for the newly acquired building and the 45-acre site on which it sits at 15 Junction Rd. here, it's located immediately adjacent to the former Flemington Fairgrounds site. According to company officials, redevelopment of the property will very likely complement the mixed-use redevelopment that is currently slated for the larger fairgrounds tract.

The seller, Nacco Materials Handling Group, is a worldwide maker of forklift trucks and related equipment, most notably large-capacity cargo and container handling equipment. The company had been using the facility for warehousing and distribution purposes, but shed the space as part of a corporate consolidation.

For its part, Binswanger has some 160 offices around the world, located in North and South America, Europe, the Middle East, Asia, Africa and Australia.