The approvals include two separate buildings of 240,000 sf and 480,000 sf apiece. The Cranbury-based Matrix is also planning to start construction of the assets on a speculative basis.

"This is the first time in the Exit 7A marketplace's history that speculative construction is being planned," says Alexander B. Taylor, Matrix's chief operating officer. "This market has matured to the point that we are now confident in developing buildings here on spec. We believe these buildings will be fully enrolled prior to completion."

Northeast Business Park and its companion Matrix Business Park at 7A have the combined potential for a total of 11 million sf of light industrial space, according to Taylor. The developer recently finished off a 650,000-sf land sale transaction with DaimlerChrysler at Matrix Business Park in a project that is expandable to 1.2 million sf of space, and has built more than three-million feet at the 400-acre Northeast Business Park. Companies at the latter include Sleepy's, Lifetime Hoan, Bohrens/United Van Lines, Seaman's Furniture and WW Grainger.

The latest approvals follow quickly on the heels of another pending project. As reported by GlobeSt.com, Matrix announced just last week that it had received approvals for a new 439,000-sf industrial building, also being done on spec, a little to the north in the Exit 8A submarket. Matrix had acquired the 29-acre site at 45 Stults Rd. in South Brunswick in late 2003, and last year completed the demolition of an existing 200,000-sf warehouse building. Demolition paved the way for construction of the new building, which will start in the first quarter of this year, according to Ken Griffin, Matrix's senior vice president of development.