Located within the Northeast Business Park, the lease comes on the heels of Matrix's announcement that Scholastic Books Fairs has signed a deal to occupy 89,625 square feet of warehouse space and 6,175 square feet of office space at the building, which is now fully leased. According to Matrix, it does not disclose terms or rental rates. However JLL notes average asking rents for industrial space at Exit 8A in Mercer County are $4.44 per square foot.
Located less than one mile from the Exit 7A interchange of the New Jersey Turnpike, 14 Applegate includes a 36-foot clear height, an Early Suppression Fast Response fire system and trailer parking. The facility's close proximity to major freight-moving roadways in the Northeast provides direct routes to New York City, Port Elizabeth and Newark Airport, as well as the Philadelphia docks and airport.
"In such a challenging economic environment, this facility, with its modern, flexible design and close proximity to major labor markets including Trenton, Hamilton and Mercer County in New Jersey and Bucks County in Pennsylvania, met the needs of this discerning client," Patrick J. Connelly, vice president of asset management for Matrix Development Group, tells GlobeSt.com.
Princeton Allpoints will use the facility for fulfillment, e-commerce business, data processing, printing and a lettershop, bookmaking, framing and distribution services related to direct marketing activities. A significant portion of the capacity of the facility will be used to service a new contract that Princeton has secured with a major pharmaceutical provider.
The entirety of Northeast Business Park is located within a Foreign Trade Zone, providing duty-free status for items that are exported and deferring duty payment for items that are sold in the US. Current tenants include W.W. Grainger, Lifetime Brands Inc., Sleepy's and several regional operators. The park is contiguous to Matrix Business Park at Exit 7A, a 480-acre industrial park that includes such tenants as Mercedes Benz of America and McCaster Carr Co.
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