News

Matrix Development Group Acquires 4 Applegate Drive
Real Estate Investment and Development Company Begins Upgrades and Solar Initiative for Site Near Exit 7A Interchange

ROBBINSVILLE, N.J. – Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, today announced that it has purchased 4 Applegate Drive, a 265,014-square-foot class A warehouse site within the Northeast Business Park in Robbinsville, N.J. Matrix originally constructed the building in 1998 as a build-to-suit property, and now plans to upgrade the facility through a strategic redevelopment program that includes the incorporation of solar technology.

Additionally, Matrix officials have negotiated and executed two leases for nearly 80 percent of the building, and capitalized the asset in a venture with its partners at Morgan Stanley. Leases have been signed with BudCo East Coast, a fulfillment company, which signed for 153,200 square feet at the building; and Longchamp, USA, a manufacturer of luxury handbags and luggage, which leased 55,345 square feet. Based on current market demands, Matrix anticipates the building will be fully leased by the end of the month.

“As the original developer of this building and nearly all of Northeast Business Park, we had unique knowledge of this property and recognize its redevelopment potential,” stated Gary Hans, Matrix Development Group’s vice president of acquisitions. “We are excited to initiate a repositioning plan which will upgrade the site to a state-of-the-art facility that will better suit the needs of its tenants.”

Hans noted that the main drawback of the facility in its current condition is that it only has loading doors along its east elevation, which limits the flexibility for multiple tenant configurations.

“We incorporated into its initial design in 1998, the ability to convert the building to a cross-dock facility,” explained Hans. “That is the key to our repositioning plan what will amount to a $1.8-million renovation of this property.”

The repositioning will also add a truck court and loading doors to the west elevation to create a modern, highly functioning cross-dock facility that can also be configured with an interior demising wall to provide multi-tenanted functional, single-loaded sides. The Matrix team has already obtained approvals for the work and a solar initiative is in the planning stages as well.

The CB Richard Ellis team of Mindy Lissner and Stacey Weinberg represented the seller, Allstate Investment, in the building sale. In the two lease transactions following the sale, Jason Goldman with Cushman & Wakefield of New Jersey, Inc. represented BudCo, and Joel Lubin with Jones Lang LaSalle represented Longchamp. Matrix was represented in-house in all of the transactions.

Located within a mile and a half of the Exit 7A interchange of the New Jersey Turnpike and less than three-quarters of a mile of Exit 7 of Interstate 195, 4 Applegate Drive provides superb 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 are reachable within 40 minutes. Foreign Trade Zone status is designated for the entire park, which is contiguous to Matrix Business Park at 7A, a 480-acre industrial park also owned by Matrix.

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.

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ROBBINSVILLE, N.J. – Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, today announced that it has purchased 4 Applegate Drive, a 265,014-square-foot class A warehouse site within the Northeast Business Park in Robbinsville, N.J. Matrix originally constructed the building in 1998 as a build-to-suit property, and now plans to upgrade the facility through a strategic redevelopment program that includes the incorporation of solar technology.

Additionally, Matrix officials have negotiated and executed two leases for nearly 80 percent of the building, and capitalized the asset in a venture with its partners at Morgan Stanley. Leases have been signed with BudCo East Coast, a fulfillment company, which signed for 153,200 square feet at the building; and Longchamp, USA, a manufacturer of luxury handbags and luggage, which leased 55,345 square feet. Based on current market demands, Matrix anticipates the building will be fully leased by the end of the month.

“As the original developer of this building and nearly all of Northeast Business Park, we had unique knowledge of this property and recognize its redevelopment potential,” stated Gary Hans, Matrix Development Group’s vice president of acquisitions. “We are excited to initiate a repositioning plan which will upgrade the site to a state-of-the-art facility that will better suit the needs of its tenants.”

Hans noted that the main drawback of the facility in its current condition is that it only has loading doors along its east elevation, which limits the flexibility for multiple tenant configurations.

“We incorporated into its initial design in 1998, the ability to convert the building to a cross-dock facility,” explained Hans. “That is the key to our repositioning plan what will amount to a $1.8-million renovation of this property.”

The repositioning will also add a truck court and loading doors to the west elevation to create a modern, highly functioning cross-dock facility that can also be configured with an interior demising wall to provide multi-tenanted functional, single-loaded sides. The Matrix team has already obtained approvals for the work and a solar initiative is in the planning stages as well.

The CB Richard Ellis team of Mindy Lissner and Stacey Weinberg represented the seller, Allstate Investment, in the building sale. In the two lease transactions following the sale, Jason Goldman with Cushman & Wakefield of New Jersey, Inc. represented BudCo, and Joel Lubin with Jones Lang LaSalle represented Longchamp. Matrix was represented in-house in all of the transactions.

Located within a mile and a half of the Exit 7A interchange of the New Jersey Turnpike and less than three-quarters of a mile of Exit 7 of Interstate 195, 4 Applegate Drive provides superb 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 are reachable within 40 minutes. Foreign Trade Zone status is designated for the entire park, which is contiguous to Matrix Business Park at 7A, a 480-acre industrial park also owned by Matrix.

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.