The buyer, seller and brokers involved in the transaction either declined comment or did not return phone calls seeking comment. Glen Whitmore, Andrew Scandalios and Joe Morningstar of Holliday Fenoglio Fowler in New York have the disposition assignment. No information was available on Killian's broker.

The property has 6,200 feet of river frontage; two barge slips capable of accommodating sea-going barges of up to 400 feet; rail and private rail service; 40 acres of yard storage; and trucking facilities with scale fueling, wash facilities and a café.

The buildings on the property were constructed between 1940 and 1996. A source familiar with the asset said it would be hard to value because some of the buildings are worth $75 per sf, some are with $30 per sf and most are worth $60 to $65 per sf.

Schnitzer is selling because it's a good time to be selling real estate assets with institutional-grade components, according to local sources. There remains a tremendous amount of institutional capital looking for both stabilized core assets and those where significant value can be added. Columbia Business Center, with its high occupancy, older buildings and 40 acres of yard storage, probably provides Killian with both.