Matrix Development Group Announces 1.03-Million-Square-Foot Lease at 1200 South Antrim Way in Greencastle, Pa.
Matrix Development Group, one of the Northeast's most active and well-regarded real estate investment and development companies, today announced that World Kitchen has signed a full-building lease renewal to continue occupying the entirety of 1200 South Antrim Way, a 1.03-million-square-foot warehouse/distribution facility in Greencastle, Pa.
The building will undergo an extensive capital improvement program — in excess of $10 million — to modernize the facility for World Kitchen, a Rosemont, Ill.-based kitchenware provider.
The renovations will include 20,000 square feet of new corporate office space, replacement of HVAC systems throughout the facility, the incorporation of an ESFR sprinkler system, new roofing, additional truck docks and a new building envelope consisting of pre-cast concrete and metal panels. Site work will include the expansion of trailer parking by more than 150 stalls and the allocation of land to accommodate approximately 230,000 square feet of future expansion.
Situated on 70 acres, 1200 South Antrim Way, which benefits from being within Foreign Trade Zone 147, is less than a quarter-mile from the planned Norfolk Southern Intermodal Freight Transport Facility and is less than one mile from Exit 3 of Interstate 81. An additional 64 acres is available for future development.
Matrix Vice President James R. Murray provided in-house representation in the transaction, while World Kitchen was represented by NAI Hiffman Executive Vice President Michael J Flynn, SIOR, CCIM, and Vice President Jason Wurtz, with assistance from Jack Shepley of partner firm NAI CIR.
“This lease will continue to provide World Kitchen with a significant presence in the Pennsylvania industrial market, particularly the I-81 South market, which is a dynamic distribution hub that features a tremendous pool of labor residing within commuting distance,” Murray said. “Additionally, 1200 South Antrim Way offers outstanding proximity to the ports of Philadelphia and Baltimore, as well as major international airports including Philadelphia, Ronald Regan, Dulles and Baltimore/Washington. It also puts the company within an overnight drive of one-third of the nation’s population.”
This lease is a continuation of the significant leasing momentum that Matrix has experienced throughout its portfolio this year. In September, the company announced more than one million square feet of lease transactions — a 500,100-square-foot lease with Global Equipment Co. and a 500,520-square-foot lease with IDS USA — at Northeast Business Park in Monroe Township, N.J. Additionally, earlier this year, Matrix signed a 187,185-square-foot expansion agreement at Northeast Business Park with W.W. Grainger.
"In 2012, we have seen a significant increase in activity throughout our portfolio,” Murray said. “This can be attributed to a variety of factors, including our ability to offer modern facilities that better address the needs of today's tenants and having properties that are located in the heart of the region’s premier industrial hubs.”
For more information about Matrix Development Group, visit www.matrixcompanies.com.
Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.
For more information on Matrix Development Group, please contact the company's Cranbury, N.J., office at 732-521-2900 or visitwww.matrixcompanies.com.