J.P. Plunkett, a director with Cushman & Wakefield represented LogoAthletic and procured the purchaser. Richard Sebastiao of Rhode Island-based RAS Management Advisors managed the asset for LogoAthletic.

Built in 1986, the building, located at 5 Industrial Dr. near Routes 105 and 495 in the Route 495/South area, is a warehouse/manufacturing building that includes 6,000 sf of office space. J. P. Plunkett tells GlobeSt.com the deal is a "win-win for both the seller and the buyer." According to Plunkett, the town is not a "bastion of industrial activity" but is more of a residential community, making it a challenge to attract tenants and buyers to the area.

On the other hand, the property is situated right near the highway in an area that Plunkett believes will begin to attract attention soon. "They are not making any more land," says Plunkett. "This is the logical next area of development. There are only a small handful of opportunities to develop in mainstream industrial areas. Developers and tenants are going to have to start considering these areas." At $14.39 a sf, Plunkett maintains that the price represents "below replacement costs acquisition" in an area that is "only going to grow."