Now, Matrix and development partner Cigna have sold the building. The buyer, who paid $30 million (or just under $57 a foot) was TA Associates, the Boston-based private equity investment firm. The transaction was arranged by Cushman & Wakefield's Metropolitan Area Financial Services Group, East Rutherford, NJ.

"Together with Cigna, we made the decision to sell 24 Englehard Dr. because there is currently strong investment demand for leased industrial buildings in proven markets," explains James R. Murray, project manager for the Cranbury, NJ-based Matrix. "We remain committed to the 8A market and, in fact, are currently developing a 230,000-sf spec building."

In a related move, Matrix has been retained by the new owner to manage the property, according to Murray. Further details of the sale transaction were not released, however.

"Strong investor demand continues in the 8A industrial market despite the soft economy," confirms Andrew J. Merin, who heads C&W's Metropolitan Area FSG. "We expected the sale offering to attract a great deal of attention, and we received more than 18 bids from interested parties.

"This building is a good example of how speculative development can succeed in today's market," Merin continues. "The developing partnership achieved an outstanding return on investment, while TA Associates acquired a state-of-the-art facility with a stable projected return."

"The successful lease-up of this building came as no surprise to those in the industry," adds Gary Gabriel, a Metropolitan Area FSG senior director. And, according to Gabriel, "TA Associates remains one of the most active players in the local market. The firm was seeking a very specific type of investment, and this opportunity was a perfect fit."

The C&W investment sales group has assisted Matrix and its partners in the disposition of several assets over the last decade.