capital improvement program for
GREENCASTLE, PA-Matrix Development Group has signed World Kitchen to a long-term extension of its lease of the 1.03-million-square-foot warehouse/distribution center at 1200 South Antrim Way here, and Matrix will begin work on comprehensive renovations. Headquartered in Cranbury, NJ, Matrix says it will undertake a $10-million capital improvement program to modernize the facility for World Kitchen, an Illinois-based kitchenware provider.
Renovations will include construction of 20,000 square feet of corporate office space, additional truck docks and a new building envelope of pre-cast concrete and metal panels. In addition, a new ESFR sprinkler system, new HVAC systems and a new roof are to be installed.
The major lease continues momentum that Matrix has experienced throughout its portfolio this year, says Matrix VP James R. Murray. In September, the company announced two transactions of more than 500,000 square feet each—with Global Equipment Co. and IDS USA—at its Northeast Business Park in Monroe Township, NJ. Earlier in the year, Matrix had signed a 187,185-square-foot expansion agreement at the Monroe facility with W.W. Grainger.
Murray says, “This significant increase in activity can be attributed to a variety of factors, including our ability to offer modern facilities that better address the needs of today’s tenants and having properties that are located in the heart of the region’s premier industrial hubs.”
The Greencastle property is situated within a Foreign Trade Zone, less than a quarter-mile from the planned Norfolk Southern Intermodal Freight Transport Facility and less than a mile from Exit 3 off Interstate 81. An additional 64 acres at the site is available for future development.
Murray provided in-house representation for the recent transaction, while World Kitchen was represented by NAI Hiffman’s Michael J Flynn and Jason Wurtz, along with Jack Shepley of partner firm NAI CIR.
“This lease will continue to provide World Kitchen with a significant presence in the Pennsylvania industrial market, particularly the I-81 South market, which is a dynamic distribution hub that features a tremendous pool of labor residing within commuting distance,” Murray said.
“Additionally, 1200 South Antrim Way offers outstanding proximity to the ports of Philadelphia and Baltimore, as well as major international airports including Philadelphia, Ronald Reagan, Dulles and Baltimore/Washington,” he said. “It puts the company within an overnight drive of one-third of the nation’s population.”