Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANBURY, NJ-Locally based Matrix Development Group is the new owner of Mid-Atlantic Corporate Center, an 82-acre property encompassing 13 buildings and 342,000 square feet. The mix of office, lab and flex space straddles this city’s border with Monroe Twp. in the New Jersey Turnpike Exit 8A submarket, with 2,000 feet of frontage along that route.

The deal was arranged for Matrix by Steve Tolkach, managing principal of the Princeton office of Newmark Knight Frank. Seller Preferred Unlimited of Conshohocken, PA was represented in-house by Larry Doyle, and by brokers from Hamilton, NJ-based NAI Fennelly. The sale price was not disclosed. Preferred Unlimited, then known as Preferred Real Estate Investments, acquired the property from Paris-based chemical firm Rhodia Group in 2005 for a reported $35 million.

The property had served as the North American headquarters campus for Rhodia, and the latter has maintained a smaller leased presence on-site in the wake of that earlier sale. Much of the space was subsequently put on the market for lease by Preferred as part of a multi-tenant repositioning, and availabilities at the time of this latest sale were listed with asking prices of $22.50 per square foot for office, $16.50 per square foot for flex and $7.50 a foot for flex/industrial.

And the new owner will apparently continue that repositioning process. “Matrix has a lot of experience in the Exit 8A market,” Tolkach says. “They have the expertise in mixed-use development that will make this property a huge success over the next several years. In a market climate in which it’s very difficult to close even the most typical of sale transactions, this was a good example of a creative buyer and seller putting together a deal that will put this property in the hands of the most logical local developer/investor.”

The site’s various buildings range in size from 5,000 to approximately 100,000 square feet. “And there is room to build a significant amount of additional space,” Tolkach says.

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.