The seller was the building's former occupant, Bristol-Myers Squibb. For the transaction, the pharmaceutical giant was represented by Robert T. Morford, principal, Gerald E. Moore, managing director of financial services, vice president James Bortolotti and associate vice president C. J. McCourt of the Garibaldi Group of Chatham, NJ. The parties declined to disclose the sale price, although some market observers put the deal in the $10- to $12-million range.
"The location of One Squibb Dr. created significant interest among buyers," according to Morford. "This transaction, I believe, also demonstrates the continued underlying strength of the New Jersey industrial market."
Matrix officials say they added the property to their portfolio for its investment value and to increase the company's already significant presence in the New Jersey Turnpike Exit 8A submarket. Situated on a 23-acre site just off the Turnpike, Matrix's newest asset consists primarily of warehousing and distribution space, along with a built-out office component.
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