MOUNT OLIVE, NJ–CBRE Group sold a a12-acre parcel of vacant land at the International TradeCenter 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 foodprocessing facility.

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Stephen Sander, who along with ThomasMallaney, represented Exeter Propertiesin selling the parcel, said he thinks the transaction is“significant” in the state and regional market. “We're especiallyexcited about the deal because we have not seen a major landdevelopment sale of industrial property in Morris County in quitesome time,” Sander said.

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The International Trade Center is the former site ofBASF's headquarters. BASFleft Mount Olive in 2004and its North American headquarters are now in FlorhamPark.

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Exeter acquired the International Trade Center portfolio lastyear for $59 million in a deal arranged by CBRE. The industrialpart of the Mount Olive complex includes eight buildings, twodevelopment sites in addition to the one sold to FratelliBeretta USA, and 1.2 million square feet of light industrial and high-end space.

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The property was developed in the 1980s by theRockefeller Group. About 30 multinational anddomestic corporations have headquarters, offices or distributionfacilities there.

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Sander noted that the township of Mount Olive, as well as theMorris County Economic Development Corporation,assisted in accomplishing the recent property trade. Also, Sandersaid, “The transaction involved ample collaboration betweenprofessionals from the United States and Italy.”

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The buyer is a family-owned meat processing corporation andproducer of Italian food.

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The International Trade Center is situated along Interstate 80and Route 46 and has two miles of highway frontage. The complex islocated 40 miles west of New York City.

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