NEW JERSEY—Matrix Development Group has completed more than 1 million sq. ft. of transactions so far this year at two of its buildings in the Northeast Business Park.
At 24 Applegate, a light industrial building that totals more than 1 million sq. ft., Matrix signed two long-term lease transactions, bringing the facility to 100 percent occupancy. Global Equipment Co., a subsidiary of Systemax, was represented by Frank Caccavo and Gary Greenspan of Cushman & Wakefield in its approximately 500,100 sq. ft. lease.
The remaining space at the building, which totaled approximately 500,520 sq. ft., was leased to IDS USA, a subsidiary of Li & Fung Limited. Jason Krimmins and Peter Murano of Blau & Berg represented the tenant.
At its 16 Applegate Drive property, Matrix signed a 101,944-sq.-ft. expansion agreement with W.W. Grainger. The industrial supply company now occupies a total of 187,185 sq. ft. at the building.
Vice President James R. Murray served as in-house representative for Matrix in all of the transactions.
Both 16 and 24 Applegate are situated within a Foreign Trade Zone. Northeast Business Park offers access to the major freight-moving roadways in the Northeast, with direct routes to New York City, Port Elizabeth and Newark Airport; the Philadelphia docks and airport.