The deal was arranged for Matrix by Steve Tolkach, managingprincipal of the Princeton office of Newmark Knight Frank. SellerPreferred Unlimited of Conshohocken, PA was represented in-house byLarry Doyle, and by brokers from Hamilton, NJ-based NAI Fennelly.The sale price was not disclosed. Preferred Unlimited, then knownas Preferred Real Estate Investments, acquired the propertyfrom Paris-based chemical firm Rhodia Group in 2005 for a reported$35 million.

|

The property had served as the North American headquarterscampus for Rhodia, and the latter has maintained a smaller leasedpresence on-site in the wake of that earlier sale. Much of thespace was subsequently put on the market for lease by Preferred aspart of a multi-tenant repositioning, and availabilities at thetime of this latest sale were listed with asking prices of $22.50per square foot for office, $16.50 per square foot for flex and$7.50 a foot for flex/industrial.

|

And the new owner will apparently continue that repositioningprocess. "Matrix has a lot of experience in the Exit 8A market,"Tolkach says. "They have the expertise in mixed-use developmentthat will make this property a huge success over the next severalyears. In a market climate in which it's very difficult to closeeven the most typical of sale transactions, this was a good exampleof a creative buyer and seller putting together a deal that willput this property in the hands of the most logical localdeveloper/investor."

|

The site's various buildings range in size from 5,000 toapproximately 100,000 square feet. "And there is room to build asignificant amount of additional space," Tolkach says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.