Matrix Takes 82-Acre New Jersey Site
- Nov 26, 2008
Matrix Development Group has acquired an 82-acre site in New Jersey that includes a total of some 342,000 square feet across 13 office and labratory buildings. The site has 2,000 feet of frontage on the New Jersey Turnpike near exit 8A. The price for the property has not yet been revealed. Steven Tolkach, managing principal of Newmark Knight Frank’s Princeton, N.J., office, represented Matrix in the deal. NAI Fennelly and Larry Doyle of Preferred Unlimited represented the seller. The 82-acre property includes 13 buildings that range from 5,000 square feet to almost 100,000 square feet, and the total property including park area adds up to a sum of 342,000 square feet. Currently the property includes partially rented offices, and laboratories as well as other spaces not yet designated. In addition, there is more space in the park for more buildings to be built. Exit 8A of the Turnpike serves both Cranbury and Monroe Townships. The New Jersey Turnpike is reported to be the fifth most heavily traveled highway in the United States.Matrix, a 25-year old real estate development company, was the first to buy into the Exit 8A market. Matrix Residential Properties has some $200 million in development; Matrix Golf & Hospitality has more than six properties throughout the Northeast and Mid-Atlantic regions of the country.