Matrix Development Group Signs More than 1 Million Square Feet of Leases at Northeast Business Park at Exit 7A
Only 295,000 SF of Existing Space Remains Available at
Strategically Located Business Park
MONROE TOWNSHIP, N.J. (October 3, 2012)– Matrix Development Group,one of the Northeast’s most active and well-regarded real estate investment and development companies, announced that it has completed more than one million square feet of lease transactions so far this year at two buildings it developed and owns in the Northeast Business Park off the Exit 7A interchange of the New Jersey Turnpike.
At 24 Applegate, a state-of-the-art light industrial building totaling more than one million square feet, Matrix signed two long-term lease transactions that bring the facility to 100 percent occupied. The transactions include an approximately 500,100-square-foot lease with Global Equipment Co., a subsidiary of Systemax. Frank Caccavo and Gary Greenspan of Cushman & Wakefield represented the tenant.
The balance of the space at 24 Applegate – or approximately 500,520 square feet – was leased to IDS USA, a subsidiary of Li & Fung Limited. Jason Krimmins and Peter Murano of Blau & Berg represented the tenant.
Additionally, earlier this year, Matrix signed a 101,944-square-foot expansion agreement at 16 Applegate Drive with W.W. Grainger. The industrial supply company now occupies a total of 187,185 square feet at the building, which currently offers an additional 295,000 square feet of space available for lease.
Vice President James R. Murray served as in-house representative for Matrix in all of the transactions.
“We have seen a significant increase in activity this year throughout our Central New Jersey portfolio, which can be attributed to a variety of factors including our ability to offer modern facilities that better address the needs of today’s tenants, as well as excellent access via the New Jersey Turnpike,” stated Murray. “We’re extremely pleased to welcome our newest tenants and are confident that their business operations will be well-served by the strategic location and features afforded by Northeast Business Park.”
Both 16 and 24 Applegate offer a prime location within a Foreign Trade Zone, less than one-quarter mile from Exit 7 of Interstate 195, the primary east-west artery within this region.
Northeast Business Park offers tremendous visibility and access to the major freight-moving roadways in the Northeast, with direct routes to New York City, Port Elizabeth and Newark Airport; the Philadelphia docks and airport. Northeast Business Park is contiguous to Matrix Business Park at 7A, Matrix’s premier 480-acre industrial park.
For more information about Matrix, 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 visit www.matrixcompanies.com.