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Matrix Repositions, Sells Properties Totaling Over 730,000 SF

CRANBURY, NJ-Three office facilities, acquired in 1998, were extensively renovated and re-leased to get them ready to sell at the right time, which just happens to be now.

By Eric Peterson | Updated on December 21, 2000

CRANBURY, NJ-”Our aim was to create value in these three assets, to redevelop and re-lease them, and reposition them through our asset management efforts. We decided that the time was right to realize that value by selling the properties.” That’s how Donald Epstein, executive vice president of Matrix Development Group, based here, describes the process in which his company bought three underperforming office properties just two years ago, gave them a good working over, then sold them. The properties total over 730,000 sf, and the deal comes in a market where almost no one sells such properties without making a nice, tidy sum. The buyer is a consortium of real estate investors based in Brooklyn, NY; the sale price was not disclosed.

The largest of the three properties is 3 Executive Park, a 436,000-sf facility in Cherry Hill, NJ located just east of Camden. Next is the Business Center at Colwick, a three-building complex totaling just under 170,000 sf, also in Cherry Hill. The last is the 127,000-sf 6000 Atrium Way in Mt. Laurel, NJ. Cushman & Wakefield brokers Jim Vesey and Michael Hines of the Philadelphia office, and Andy Merin and Gary Gabriel of the New Jersey office, handled the negotiations.

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