GlobeSt.com EXCLUSIVE: Colgate Signs 430,000-SF Lease

(To read more on the industrial market, click here.)

HAMILTON, NJ-Colgate-Palmolive has signed a lease for a total of 430,000 sf of industrial space at I-195 Business Park here, GlobeSt.com has learned. The consumer and personal care products giant will use the space at the Matrix Development Group property for distribution purposes. The facility is located in the New Jersey Turnpike Exit 7A submarket and fronts on the intersecting I-195.

Colgate was represented by Stan Danzig and Jules Nissim of Cushman & Wakefield of New Jersey, according to a Matrix spokesperson. Matrix was represented in-house. Terms of the deal are not being released.

The signing represents more than 70% of an industrial facility that Matrix started building on a speculative basis earlier this year. The balance of the 600,600-sf asset currently remains available, with completion of the building anticipated for January 2006, according to Alec Taylor, chief operating officer for the Cranbury-based Matrix.

“As the original Exit 7A developer, we continue to believe in this market for build-to-suit and speculative buildings,” Taylor tells GlobeSt.com. “This location is suited for regional and national distribution and warehouse tenants, with continued strong tenant demand in this industrial market from a rebounding and growing economy.”

Designed by O’Connor Gordon Pratt Architects, the one-story building features 36-foot clear ceiling heights, according to Taylor. The site itself is about three miles from Exit 7A of the Turnpike. Combined with other projects in nearby Washington Township and South Brunswick, Matrix has a total of about one million sf of speculative development under way in Central and Southern New Jersey.