Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.