Matrix Sold 1M SF in Salem County

OLDMANS TOWNSHIP, NJ-For an undisclosed price, Matrix Development Group has sold roughly 1.2 million square feet of land at its Gateway Business Park in this Philadelphia suburb. In the larger of the two deals, National Freight Industries acquired one million square feet at the Salem County, NJ-complex. National Freight is a conglomerate of companies that serve the supply chain logistics industry.

“This lease is terrific news for the local economy and will bring a vast supply of jobs and ratables to the area,” says Matrix principal Alec Taylor.

The other deal involved a 174,000-square-foot land sale to Manfredi Cos., which handles fruit, vegetables and assorted food from 22 countries. It distributes its products along the Eastern Seaboard, the mid-Atlantic and the Midwest. Others tenants at the complex include Garden State Freezers Inc., Goya Foods and JE Berkowitz LP.

Located 45 minutes from Philadelphia, Gateway Business Park consists of 284 developable acres that can accommodate 3.5 million square feet of warehouse, manufacturing and distribution space. It offers immediate access to Exit 7 of Interstate 295 and is near the New Jersey Turnpike, Delaware and Baltimore.

According to Matrix, there are only three remaining available sites at the park, one approved for 100,000 square feet, another for 263,000 square feet and a third for up to 705,901 square feet. The light-industrial development is said to be the first of its kind in Salem County. Qualifying tenants are eligible for tax abatements.