SOUTH BRUNSWICK, NJ-Matrix Development Group has acquired 102 Melrich Rd., a vacant 104,000-sf industrial building here, for an undisclosed price. The seller was a real estate affiliate of its former occupant, Schumacher Textiles, which had placed the building on the market as surplus property. The sale was brokered by John Maloney Jr., vice president in the East Brunswick, NJ office of CB Richard Ellis.
"The building is located near the New Jersey Turnpike and offers access to the New York/Philadelphia and Boston/Washington transportation corridors," says Patrick Connelly, vice president of the Cranbury-based Matrix Development Group. "The Exit 8A market is one of the largest industrial markets in the country and has attracted a host of tenants, including Home Depot, Williams Sonoma, Volkswagen, W.W. Grainger, Petco and Lenox."
Located on more than eight acres, the building also includes a 12,500-sf office component, according to Connelly, who notes that Matrix is handling the leasing effort for the property in-house. Target tenants for the asset include warehouse and distribution users, as well as light manufacturing. "The property is well-positioned and well-maintained," Connelly says.
The acquisition adds to Matrix's already substantial holdings in the Exit 8A submarket. Those holdings include CenterPoint at 8A, a 500-acre master planned industrial park; the 1.5 million-sf Matrix Business Park at 8A; and the buildings at 45 and 65 Stults Rd., which combined total nearly 850,000 sf.
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