The complex spans 80 acres and houses 13 buildings with a total of 342,000 square feet. The seller is Preferred Unlimited, a Pennsylvania-based real estate investment firm. Newmark Knight Frank and Fennelly & Associates represented Matrix and Preferred Unlimited in the deal.
With a mix of office, laboratory and flex opportunities, the campus can accommodate users from 2,500 square feet to more than 100,000 square feet. Matrix intends to offer the space for both sale and lease at a 20% discount to "competitive space in the market," according to a company release. According to the Sitar-Rutgers February 2009 Regional Market Report, office in Middlesex County--where the Matrix campus is located--averages $24.38 per square foot.
The site was previously the headquarters of Rhodia Corp. Current tenants include the worldwide headquarters of Innophos Inc., a leading specialty phosphate producer in North America, which recently expanded their lease by 20% and now occupies 48,000 square feet.
The exact amount of vacant space is undisclosed and GlobeSt.com could not reach Matrix for comment by press time. Located Exit 8A of the New Jersey Turnpike, the park aligns along 2,000 square feet of direct turnpike frontage.
"Matrix is well positioned to continue to take advantage of strategic investment opportunities that exist in the market," says Gary Hans, VP of Matrix in a statement. "This outstanding business park met all of our investment criteria and further solidifies our position as one of the most active and diversified real estate owners in New Jersey."
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