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CRANBURY, NJ-Matrix Development Group, the privately held real estate investment and development company based here, has acquired yet another building in its own back yard. The company, which has developed more than 15 million sf of industrial space in the marketplace, has just picked up One Squibb Dr. in Cranbury, a 224,000-sf combination warehouse/distribution and office building.

The seller was the building’s former occupant, Bristol-Myers Squibb. For the transaction, the pharmaceutical giant was represented by Robert T. Morford, principal, Gerald E. Moore, managing director of financial services, vice president James Bortolotti and associate vice president C. J. McCourt of the Garibaldi Group of Chatham, NJ. The parties declined to disclose the sale price, although some market observers put the deal in the $10- to $12-million range.

“The location of One Squibb Dr. created significant interest among buyers,” according to Morford. “This transaction, I believe, also demonstrates the continued underlying strength of the New Jersey industrial market.”

Matrix officials say they added the property to their portfolio for its investment value and to increase the company’s already significant presence in the New Jersey Turnpike Exit 8A submarket. Situated on a 23-acre site just off the Turnpike, Matrix’s newest asset consists primarily of warehousing and distribution space, along with a built-out office component.

“Our acquisition reflects our company’s leadership in the industrial marketplace,” says Matrix executive vice president and CFO Donald M. Epstein. “To date in 2003, we have closed in excess of two million sf of lease and sale transactions.”

Indeed, the acquisition of One Squibb Dr. follows quickly on the heels of Matrix’s recent purchase of yet another Exit 8A submarket property, 45 Stults Rd., a 440,000-sf industrial property. The latter was a value-added buy–the facility is set to be redeveloped.

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