RAHWAY, NJ-Pravco Steel has acquired the 23,000-sf 245 Wescot Drive here from Five Associates, a locally based investment group, for a price tag of $1.07 million. The buyer, a steel fabrication company that specializes in products for large-scale construction projects, will use most of the building to expand its manufacturing operations.

The transaction in this Union County community was arranged by Ian M. Grusd of the Cranford, NJ office of RE/MAX Commercial, who represented both the buyer and the seller. No further details of the sale were released.

The industrial building’s total space includes 4,000 sf of built-out offices. An existing tenant currently occupies some 5,000 sf of the building, and Pravco will immediately occupy the rest of the facility, which is located near the confluence of Route 1 and 9 and the New Jersey Turnpike.

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