Legg Mason Real Estate Services/Spectrum Financial co-managers Stanley Sidel and Joseph Hegenbart arranged the financing, which was provided by Sun Life Assurance Co. of Canada for which LMRES/Spectrum acts as mortgage correspondent.

Acosta leases the entire 100,000 sf in the five-story class A building, which was completed in 1999. The company has a long-term lease on the space. The building contains 82,500 sf of office space on four floors and 17,500 sf of storage space on the lower level.

Sidel tells GlobeSt.com that the facility was a build to suit project and he emphasizes that it was relatively easy to nail down the financing. "This is the type of building Sun Life likes," he says. "It's a good fit for them." Part of the appeal of the building was that it's occupied by a single tenant. Sidel notes that many investors prefer the diversity of a multi-tenant building but he maintains that a single tenant building--especially when it's a good credit tenant-- offers investors security.

"This is a major company and this is their regional headquarters for the entire Northeast," Sidel points out, referring to Acosta. "That is the virtue of the single tenant. If a company needs the building to operate they are not going anywhere unless they go out of business. With a company like this there is more certainty that the tenant will remain in place."

Acosta is one of the country's largest food brokerage and marketing firm providing outsourced sales, merchandising, and marketing services to manufacturers of food products and consumer goods operating in the grocery, convenience, drug, club, and mass merchandise channels. The company has more than 8,000 associates in over 75 locations.