"There has been some pretty slow spots in the 128 West market because we haven't seen any job growth, Thomas Aitken, VP at NAI Hunneman tells GlobeSt.com. "But this building was going to go regardless. It was a property that was positioned to go on the market and we had some interest in the property, then Bay Development came through with an offer."

Bay is a retail and residential developer headed by president Joseph Brennan, who was looking to expand his commercial portfolio. "I wanted to get out of residential apartments and get into commercial because there are fewer moving parts," he explains. "I 1031'd out of a bunch of residential apartments, and did some due diligence for a couple of days. This is the biggest commercial deal I've ever done."

Built in 1984, the office/warehouse facility has a 22-foot clear and sits on approximately 10 acres. Located near the interchange of Routes 93 and 95, the building is leased to Canteen Vending, New England Concepts and Velocity. Two of the tenants have 10- to 15-year leases, according to Brennan, and a third has a shorter lease, but will either renew or have its space absorbed by one of the larger tenants.

Brennan thinks that the deal has a great upside. "I bought this building for cash flow. It's not today I'm worried about, it's 10 years from now. That property is fully leased in a soft market and I'm hoping that in 10 years [the facility] will be more desirable."

Thomas Aitken, VP and Noah Hano, an associate at NAI Hunneman, represented the seller. Brad Spencer of Grubb & Ellis represented the buyer.