MATRIX DEVELOPMENT ACQUIRES 265,014-SF WAREHOUSE

ROBBINSVILLE, N.J. — Matrix Development Group has acquired 4 Applegate Drive, a 265,014-square-foot Class A warehouse site in Robbinsville from Allstate Investment. Matrix has also executed two leases for 80 percent of the building and capitalized the site in a venture with its partners at Morgan Stanley. BudCo East Coast has signed a 153,200-square-foot lease and Longchamp USA has leased 55,345 square feet at the site. Matrix is planning a $1.8 million renovation, which will include adding a truck court and loading doors to the site. Mindy Lissner and Stacey Weinberg of CB Richard Ellis represented Allstate in the property sale and Matrix was represented in-house. Jason Goldman of Cushman & Wakefield of New Jersey, Inc. represented BudCo and Joel Lubin of Jones Lang LaSalle represented Longchamp in the lease negotiations. Matrix was represented in-house in the lease transactions.