Represented by broker Mark Reardon of Cushman & Wakefield,Hale Street LP realized a substantial profit in the deal, havingpurchased the building less than two years ago for $1.2 million.The group upgraded the property prior to sale, with new floors, anew roof and the installation of modern mechanical systems.

"This is a significant piece of real estate in a shrinkingindustrial market," says NAI Hunneman Commercial Co. vice presidentJoseph Flynn, who acted on behalf of Trull Brook. Although theRoute 495/North industrial submarket currently has a 14.7% vacancyrate, according to Spaulding & Slye, much of the availableproduct is considered obsolete, while developable land sites arebeing scooped up by office users and technology-relatedenterprises. The overall suburban industrial vacancy rate is 5.5%,with an average asking rent of $6.67 per sf.