"As one of the largest rail-served warehouse/distributionbuildings in the Metropolitan New York area, this facility isuniquely positioned to take advantage of its location and access tovarious modes of transportation," Shapiro tells GlobeSt.com. "Thelocation of the facility also gives it access to an incrediblelabor force, making it a tremendous opportunity."

According to a recent Grubb report, leading market indicatorsfor the industrial sector turned earlier than those for the retailand office markets, which is promising, Grubb & Ellis reports.The company also notes that the industrial sector is less dependenton job growth than the office, retail and multi-housing sectors,which means it could recover earlier, with vacancy rates beginninga gradual recovery in late 2010 and rental rates following in thesecond half of 2011.

But in New Jersey, the report finds that decelerating demand forindustrial space will continue to negatively affect the localmarket moving into 2010, sending the availability rate up to 14.9%,adding an additional 4.9 million square feet of available space andputting more downward pressure on asking rental rates.