Known as the Kensington Complex, the building was sold to a private investor for more than $3.5 million. Constructed of brick and block with 20 interior loading docks and a 16-foot ceiling height, the asset was built in the 1960s.

Steve Tolcash, senior managing director at I/ESG Buschman, represented Fleet Asset Management in the property's sale to 200 Kelsey Associates five years ago. He had handled the leasing of the property since then, and represented the ownership in the latest sale.

"The owner made a very strong return over the five-year holding period, but left room for the new investor by selling the building at an attractive cap rate of greater than 13%," according to Tolcash.