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EDISON, NJ-Katoen Natie Gulf Coast has closed on the sale of the 186,811-sf industrial building at 2960 Woodbridge Ave. here, selling the asset to SteelFab Realty LLC, the real estate arm of steel frame manufacturer SteelFab Inc. The sale price was not disclosed, but industry sources say the asset traded for a number in the $13-million range, or about $70 per sf. Comparable space in the immediate market is currently listed with asking prices in the $70- to $80-range per sf.

“This is one of the largest industrial dispositions in the New Jersey Turnpike Exit 10 submarket recently,” says Scott Belfer, first vice president at CB Richard Ellis, who teamed with CBRE colleagues Lou Belfer and Mindy Lissner to represent the seller. The buyer was represented by Newmark Knight Frank.

“This transaction reflects the great demand for industrial facilities in New Jersey with additional land for outside storage,” Belfer says. “SteelFab gets a quality facility and a location necessary for the company to expand its structural Steel business into the Northeast.” Most of the company’s business to date has been focused on the Southeast and southern Mid-Atlantic region, from Virginia to points south.

The seller, a LaPorte, TX-based subsidiary of Belgium’s Katoen Natie Group, is a port logistics company that provides engineering, technology and port operations services with a focus on the chemical, automotive and consumer goods sectors, including electronics. The company retains another location nearby.

The class B building occupies a nearly 17-acre in the Exit 10 submarket in Central New Jersey. Mostly industrial, it does include a 10,000-sf built-out office component. Features include active rail service and a new heating system.

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