News

Matrix Development Group Breaks Ground on First of Two, 12,000-Square-Foot Medical Office Buildings
at Octagon Center

First Building Under Construction for Lower Bucks Pediatrics

LOWER MAKEFIELD TOWNSHIP, PA. – Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, today announced that it has broken ground on the first of two, 12,000-square-foot medical office buildings at Octagon Center, the company’s mixed-use development in Bucks County, Pa. The first building is being constructed for Lower Bucks Pediatrics, a National Committee for Quality Assurance (NCQA) Level 3, high-quality, family-oriented pediatric medical practice, which will purchase the entire building. The medical office buildings are part of the large master-planned community that includes retail and residential components, and covers 186 acres in Lower Makefield Township and Middletown Township.

“The groundbreaking of this state-of-the-art medical office building brings Octagon Center another step closer to becoming the dynamic live-work-play environment that was envisioned by Matrix,” stated Russell Tepper, vice president of Matrix Development Group. “We’re pleased to announce Lower Bucks Pediatrics as the first medical office resident at Octagon Center, and are confident that the pediatric group will benefit from the advanced technological features that are being incorporated into this new facility.”

“Our employees and the children that we serve will benefit greatly from the friendly, neighborhood atmosphere being created at Octagon Center,” stated Dr. Auren Weinberg of Lower Bucks Pediatrics. “We’re very excited to be moving into a brand new, medical office building, constructed to be an energy-efficient, LEED-certified facility. There is no better location to house our growing, regional medical practice than at Octagon Center.”

Last year, Matrix announced that CVS Pharmacy, America's largest retail pharmacy, and PNC Bank, one of the nation's largest banks, leased Octagon Center's two retail buildings, aggregating approximately 15,000 square feet. Those building were completed in the Spring of 2010.

Simultaneously, Matrix constructed the first phase of an estimated $5 million road improvement program as part of an agreement with Lower Makefield Township that will improve vehicular flow around the property for many years.

More recently, Matrix announced that Toll Brothers purchased 100 acres of land at Octagon Center, where the leading homebuilder has land development approvals to build at least 356 age-restricted residential units, along with associated amenities, at the property.

Matrix Development Group purchased the Octagon Center property in December 2006 and has since been working with appropriate government agencies and consultants, as well as township leaders, to ensure the successful development of the community. The project is designed to stimulate the local economy by creating jobs and tax ratables.

Octagon Center is easily accessible to Interstate 95 and Route 1 via Oxford Valley and Big Oaks Roads. The development has been designed to feature passive recreation attractions, including walking trails, as well as a full-service community center.

Bucks County is located in southeastern Pennsylvania in the Greater Philadelphia metropolitan area and borders the Delaware River.

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About 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, New Jersey office at 732-521-2900 or visit www.matrixcompanies.com.

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First Building Under Construction for Lower Bucks Pediatrics

LOWER MAKEFIELD TOWNSHIP, PA. – Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, today announced that it has broken ground on the first of two, 12,000-square-foot medical office buildings at Octagon Center, the company’s mixed-use development in Bucks County, Pa. The first building is being constructed for Lower Bucks Pediatrics, a National Committee for Quality Assurance (NCQA) Level 3, high-quality, family-oriented pediatric medical practice, which will purchase the entire building. The medical office buildings are part of the large master-planned community that includes retail and residential components, and covers 186 acres in Lower Makefield Township and Middletown Township.

“The groundbreaking of this state-of-the-art medical office building brings Octagon Center another step closer to becoming the dynamic live-work-play environment that was envisioned by Matrix,” stated Russell Tepper, vice president of Matrix Development Group. “We’re pleased to announce Lower Bucks Pediatrics as the first medical office resident at Octagon Center, and are confident that the pediatric group will benefit from the advanced technological features that are being incorporated into this new facility.”

“Our employees and the children that we serve will benefit greatly from the friendly, neighborhood atmosphere being created at Octagon Center,” stated Dr. Auren Weinberg of Lower Bucks Pediatrics. “We’re very excited to be moving into a brand new, medical office building, constructed to be an energy-efficient, LEED-certified facility. There is no better location to house our growing, regional medical practice than at Octagon Center.”

Last year, Matrix announced that CVS Pharmacy, America's largest retail pharmacy, and PNC Bank, one of the nation's largest banks, leased Octagon Center's two retail buildings, aggregating approximately 15,000 square feet. Those building were completed in the Spring of 2010.

Simultaneously, Matrix constructed the first phase of an estimated $5 million road improvement program as part of an agreement with Lower Makefield Township that will improve vehicular flow around the property for many years.

More recently, Matrix announced that Toll Brothers purchased 100 acres of land at Octagon Center, where the leading homebuilder has land development approvals to build at least 356 age-restricted residential units, along with associated amenities, at the property.

Matrix Development Group purchased the Octagon Center property in December 2006 and has since been working with appropriate government agencies and consultants, as well as township leaders, to ensure the successful development of the community. The project is designed to stimulate the local economy by creating jobs and tax ratables.

Octagon Center is easily accessible to Interstate 95 and Route 1 via Oxford Valley and Big Oaks Roads. The development has been designed to feature passive recreation attractions, including walking trails, as well as a full-service community center.

Bucks County is located in southeastern Pennsylvania in the Greater Philadelphia metropolitan area and borders the Delaware River.

###

About 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, New Jersey office at 732-521-2900 or visit www.matrixcompanies.com.