Thursday, June 16, 2016

Matrix Development Rides NJ Industrial Wave to Lease-up of Two Bldgs Totaling 1.25M SF

Matrix Development has announced the lease-up of two of its industrial buildings in New Jersey, totaling 1.25 million square feet in new lease deals in two of the state's hottest industrial markets, Salem County and South Brunswick.

Industrial vacancies across New Jersey are at a 16-year low, driven in part by large distribution center deals with several e-commerce providers, according to Matrix, which owns more than 15 million square feet of real estate across the state, most of it industrial. Industrial absorption is outpacing new construction in the area by three-fold, as rent prices continue to rise.

"We welcome TFH and to the Matrix family of tenants," said Alec Taylor, principal of Matrix Development Group, noting the two additions to a growing roster of Matrix clients that include Sony, Playmobil, Lenox and Volkswagen. "Each is a terrific company with which to do business, and proof that high quality buildings beget first class tenants."

Central Garden & Pet Signs Lease in the Garden State
TFH Publications, a division of California-based consumer brands company and producer of lawn and garden and pet supply products Central Garden & Pet, signed a lease for 550,000 square feet at 965 Cranbury South River Rd. in Monroe Twp., just 30 minutes from Newark Liberty International Airport and the Port of Newark.

The company will occupy the entire industrial building, delivered in December 2014 on 35.4 acres in the Exit 8A Industrial submarket of Middlesex County. It features 87 loading docks and four drive-ins, 36-foot clear heights, ESFR sprinkler, 3,000-amp heavy power and car and trailer parking. Opening Distribution Facility in Oldmans Twp
Hoboken, NJ-based e-commerce giant finalized a lease earlier this month for 705,000 square feet at 2 Gateway Blvd. in Pedricktown, NJ, in Salem County.

The company will occupy the entirety of Bldg 700 on 22.4 acres in Oldmans Twp., one of two speculative warehouse buildings in the Gateway Business Park, located adjacent to Exit 7 off I-295, just 45 minutes from Philadelphia. The 3.5 million-square-foot distribution park will provide immediate access to the Turnpike, with seamless overnight access to the Northeast and Mid-Atlantic regions.

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