"As one of the largest rail-served warehouse/distribution buildings in the Metropolitan New York area, this facility is uniquely positioned to take advantage of its location and access to various modes of transportation," Shapiro tells GlobeSt.com. "The location of the facility also gives it access to an incredible labor force, making it a tremendous opportunity."

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

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