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Matrix Development Group Acquires 265,000-SF Site

ROBBINSVILLE, NJ-Matrix Development Group, the original builder, will undertake a $1.8-million renovation to permit use by multiple tenants.

By Debra Hazel | Updated on August 04, 2011

ROBBINSVILLE, NJ-Are buildings lovelier the second time around? Matrix Development Group has purchased 4 Applegate Dr. here, bringing the 265,014-square-foot class A warehouse site within the Northeast Business Park back into its portfolio some 13 years after building it. The price was not disclosed, but LoopNet lists the asking price as $11.925 million.

Matrix constructed the building in 1998 as a build-to suit, then sold it shortly thereafter. The facility went through numerous ownership changes that ultimately resulted in it being acquired by Allstate Investment. When Matrix saw that it was available, it leapt at the opportunity for some true value-add, says Gary Hans, Matrix Development Group’s vice president of acquisitions. CB Richard Ellis’ team of Mindy Lissner and Stacey Weinberg represented the seller.

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