"This will serve to bring even more jobs, more investment and more good news to the region," says Alexander B. Taylor, COO and partner in charge of industrial properties at Matrix. "As an early investor in the Exit 7A marketplace, we're pleased with this initiative."
The FTZ designation allows import/export companies to cut or reduce their US customs duties. No duties are paid on goods exported from an FTZ, and imported goods aren't subject to duties until they actually leave the zone, essentially allowing duty-free manufacturing, assembly and other value-added processes.
The three Matrix properties that make up the expanded FTZ include Northeast Business Park at 7A, consisting of more than 400 acres in Washington Township at NJ Turnpike Exit 7A. Zoned for a build-out of four million sf, the park already includes such users as WW Grainger, Seamans Furniture, Lifetime Hoan and Sleepy's Matresses.
Also in Washington Township is Matrix Business Park at 7A, which consists of 480 acres zoned for a build-out of 5.3 million sf. The third property is the I-195 Business Park in adjacent Hamilton Township, a 145-acre property zoned for an additional 600,600 sf of light industrial and distribution facilities.
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