"Waitex is a real-estate savvy company, and as such its executive team recognizes the long-term advantages of investing in the buildings it occupies," says Elman. "In light of this, we have seen a trend toward more owner-occupied purchases in the New Jersey market this year, reflecting the appeal of the state's strong real estate fundamentals."

"Our supply chain logistics business continues to grow, especially for consumer product imports from China, India and Pakistan," says Howard Li, chairman and CEO for Waitex. "In addition to meeting our warehouse space needs, real estate has been a good investment source for us. The building works well for us because it is so near to our offices in Manhattan. It is convenient for our employees and close to the ports and highways."

Elman says the offering drew tremendous interest and received more than one dozen offers. "The buildings has only has one tenant in its history, and its structure was ahead of its time."