HAMILTON, NJ-Eastern Bag & Paper has agreed to lease 125,580 sf of industrial space at Matrix Development Group's two-year-old I-195 Business Park, GlobeSt.com has learned. For Matrix, the signing culminates a spec development project that began just more than two years ago when the company started construction for the 600,600-sf building at 401 Cabot Dr.
As reported by GlobeSt.com, Matrix Development subsequently signed Colgate Palmolive to a lease for 70% of the building for use as a distribution center. Eastern Bag and Paper's deal completes the asset's lease-up.
In the latest transaction, the Cranbury-based Matrix was represented in-house, while the Milford, CT-based Eastern Bag & Paper was represented by Jonathan Glick of the West Orange-based Sheldon Gross Realty. Terms of the signing were not disclosed. For Eastern, a 90-year-old company that is one of the largest paper distributors in the Northeast, the location will replace a smaller facility in Cranbury as a regional distribution center.
"We're able to provide tenants such as Eastern Bag & Paper with quality industrial facilities in prime locations," Matrix VP Patrick Connelly tells GlobeSt.com. "The signing fulfills our goal of rounding out the building's tenant roster."
Features of the cross-loaded space include 18 doors and 6,000 sf of office space. Located at Exit 3A of I-195 and three miles west of Exit 7A of the New Jersey Turnpike, the entire 145-acre site also has a foreign-trade zone designation.
And the site itself has some room to grow in the future, according to Matrix officials. Besides the existing and just-filled 600,600-sf building, the park is cleared for an additional 600,600 sf of light industrial and distribution facilities, as well as 100,000 sf of office space.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.