Matrix Development Group Sells Fully Entitled, 49-Acre Parcel in South Brunswick, N.J. to Toll Brothers
With Zoning and Land Use Approvals in Place, Toll Brothers Will Develop Community of 188 Luxury Townhomes
SOUTH BRUNSWICK, N.J. (January 24, 2014)— Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, today announced the sale of 49 acres of land in South Brunswick, N.J. to Toll Brothers, America’s Luxury Home Builder.
Prior to the sale, Matrix significantly enhanced the value of a portion of its 240 acre land tract, which is located near the intersection of Route 130 and Friendship Road in South Brunswick, by securing the zoning and land use approvals that will allow Toll Brothers to develop a residential community of 188 townhomes, complete with a private clubhouse.
Both Matrix and Toll Brothers were represented in-house in the transaction.
Directly adjacent to the Toll Brothers’ residential project, Matrix Development has received approval for the construction of up to 37,000 square feet of retail space along the Route 130 corridor. Matrix is currently marketing the site for sale and/or lease. The remaining land is zoned for the development of additional commercial uses and single-family homes.
“After a lengthy approvals process, we’re pleased to turn over a coveted piece of well-located land to the premier luxury homebuilders in the nation,” said Russell Tepper, vice president at Matrix Development Group. “Toll Brothers has been a terrific partner for many years, and Matrix looks forward to developing the remaining land near Friendship Road into a dynamic mixed-use destination.”
The site affords seamless access to dining, healthcare services and retail, and residents will be only a short drive away from popular cultural hotspots such as Princeton and New Brunswick.
Toll Brothers, a Fortune 1000 Company, is the nation's leading builder of luxury homes. The Company was recently named Builder of the Year by Professional Builder magazine and is the first builder to win this award twice. The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates nationwide. For more information, visit TollBrothers.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 visit www.matrixcompanies.com.