Terms of the transaction, including the sale price, were notdisclosed. However, industry sources say the facility likely tradedfor a number in the $30-million range. "This single-story warehousebuilding represented one of the largest building sales in MonmouthCounty in quite some time," Kreiman says.

And the site apparently has a major makeover in its future. TheTampa, FL-based Anchor Glass had utilized it for manufacturingpurposes for a number of years, before converting it to warehousingand distribution use more recently. At one time, the company wasthis community's largest taxpayer.

But the site became surplus property in the wake of AnchorGlass' financial woes and bankruptcy declaration in recent years.Enter Somerset Development, a Lakewood, NJ-based company that hascompleted a number of industrial, office and residential propertiesin the tri-state area.