Industrial

The building is presently divided into three units that are leased to two tenants, and a portion of the site is also leased to Omnipoint for the location of a cell tower.

"Demand for small, Class A warehouse spaces near New York City far exceeds the supply," says Sitex's Blake Chroman.

Colliers economist Andrew Nelson says the economy is strong now but is likely to start slowing in 2019 and more intensely in 2020, as the Fed attempts a soft landing.

"Industrial product like this in and around the Exit 10 submarket is in high demand,” says HFF's Jon Mikula.

The International Arrivals Facility is underway at Sea-Tac, with a scheduled opening in the fall of 2020, when the new 450,000-square-foot grand hall will be five times larger than the current facility.

"Buyers are extremely attracted to acquiring quality facilities with excellent access to the highways like this building on Island Avenue, which is located just off I-95,” says Jonathan Klear, senior vice president of NAI Mertz, which brokered the sale.

Cushman & Wakefield brokered the trade of the newly constructed, fully leased property.

The firm reports two speculative buildings comprise the final phase of a larger plan to build three buildings at its CLT Logistics Center.