Matrix Development Secures $93M for New Jersey Industrial Project

Matrix Development Group has obtained $93 million in financing for the Matrix Logistics Park, a Class A industrial project under construction in Budd Lake, New Jersey, within Mount Olive Township. The financing was negotiated by JLL on behalf of the developer, with Bank OZK providing the loan.

Project Details

Matrix Logistics Park will feature two buildings located at 2000 and 3000 International Drive. The first building, encompassing 196,748 square feet, will offer 36-foot clear heights, single-side load configurations, 34 loading docks, two drive-in doors, 43 trailer parking spots, and 110 vehicle parking spots.

The second facility, significantly larger at 585,000 square feet, will include 40-foot clear heights, a cross-dock configuration, four drive-in doors, 107 loading doors, 143 trailer parking spots, and 306 vehicle parking spots. This building is being developed on a site formerly occupied by BASF United’s headquarters, which Matrix acquired in 2019. The redevelopment began with the demolition of the old 930,000-square-foot headquarters in late 2023.

Strategic Location in a Foreign Trade Zone

Matrix Logistics Park is situated within Mount Olive’s International Trade Zone, which hosts numerous research, manufacturing, and development companies. The zone offers reduced costs for importing and re-exporting products, providing significant benefits to businesses.

The park is conveniently located near Mount Olive Train Station, 17 miles from Morristown, 25 miles from Morristown Airport, 42 miles from Newark Liberty International Airport, and 54 miles from Allentown, Pennsylvania. Additionally, it has easy access to Interstate 80 and state routes 206 and 46, ensuring excellent connectivity.

JLL Capital Markets Team Involvement

The JLL Capital Markets team played a crucial role in securing the financing for Matrix Logistics Park. The team included Senior Managing Directors Thomas Didio and Jim Cadranell, Managing Director Thomas Didio, Jr., Vice President Michael Lachs, and Analyst Olivia Doody.

Industrial Market Trends in New Jersey

As of the end of March, the New Jersey industrial market had 7.5 million square feet of space under construction, according to a CommercialEdge report. This made it one of the most active industrial markets in the Northeast, surpassed only by Philadelphia with 7.8 million square feet, while Boston followed with 2.5 million square feet.

Recent Industrial Developments

Recent notable projects in the New Jersey industrial sector include the Rockefeller Group’s 1.1 million-square-foot campus in Carneys Point, which commenced earlier this month with a $114.8 million construction loan. Another significant development is a joint venture between Creation and J.P. Morgan Asset Management, which secured $64 million in construction financing for a 120,584-square-foot industrial project in Newark. This project, preleased by Barsan Global Logistics, is set to be completed in early 2025.