Altogether, the latest dozen add up to some 650,000 sf of space;the buildings, which range from 17,000 to 100,000 sf, are 85%leased. Because the Meadowlands industrial market is one oftightest in the country with a vacancy rate of under 3%, Whitehallplans to launch a major interior and exterior upgrade to help getthe remaining 15% leased up, according to company president MichaelNachamkin. Plans include new landscaping, facades, common areas andelectrical and mechanical upgrades.

As part of the deal, Whitehall also acquired 30 acres of landwith a development potential of 425,000 sf. The company hasnecessary approvals already in place and expects to startconstruction of a new 350,000-sf industrial building. The facilitywill be available for sale or lease as a build-to-suit.

"The Carlstadt portfolio represents our core strategy ofobtaining value-added industrial properties," according toNachamkin. He notes that Whitehall has acquired a total of 1.5million sf of assets in its core market, which encompasses theBoston-to-Baltimore/Washington corridor.