GlobeSt.com EXCLUSIVE: Matrix Buys 29-Acre Industrial Site

SOUTH BRUNSWICK, NJ-Matrix Development Group, which has been on a buying spree of late, particularly in the New Jersey Turnpike 8A submarket, has added yet another industrial property to its portfolio. The Cranbury, NJ-based company has just acquired the 200,000-sf industrial building and 29 acres of land located at 45 Stults Rd. here, the former Permalite/Stauffer facility. Terms of the transaction, including the sale price, were not disclosed.

Matrix has big plans for the site. According to Matrix VP James Murray, the company plans to redevelop its latest acquisition as a state-of-the-art, 440,000-sf industrial facility. When it’s completed, the new facility will feature modern dock door facilities, ESFR sprinkler systems, all new infrastructure and utilities, a built-out office area, rail access and more than an acre of trailer parking.

“This transaction further demonstrates the strength of New Jersey’s industrial market, as well as our confidence in the excellent growth prospects in the region,” says Murray of the latest acquisition, which is situated a half-mile from the 8A interchange. “There continues to be very strong demand for quality industrial facilities in New Jersey, and the new facility will enable us to meet market demand.”