Jones Lang LaSalle
GlobeSt.com EXCLUSIVE: Furniture Distributor Takes Another 140,000 SF
By Eric Peterson
Last updated: January 5, 2006 08:27am
(To read more on the industrial market, click here.)
SOUTH BRUNSWICK, NJ-Coaster Co. of America has signed a lease for an additional 140,000 sf at Matrix Development Group’s warehouse/distribution building at 45 Stults Rd. here, GlobeSt.com has learned. The deal, following Coaster’s agreement to take 300,000 sf earlier this year, effectively fills up the new building.
“We expect significant growth in our Northeast operations,” Matthew Chen, vice president of administration for Coaster, tells GlobeSt.com. The Santa Fe Springs, CA-based company, an importer and distributor of ready-to-assemble furniture and accessories, is using the site for its regional operations. “We needed the expansion space to prepare for the additional business, and to meet our customers’ demands.” Terms of the lease were not disclosed.
The Cranbury-based Matrix bought the 29-acre site and its existing 200,000-sf warehouse building, located in the New Jersey Turnpike Exit 8A submarket, in late 2003 and quickly announced plans to raze the building and replace it with a new 440,000-sf facility. The existing facility had been utilized for W/D purposes by Permalite Plastics Corp. and Stauffer Chemical Co. Demolition was completed by late 2004, and in the first quarter of 2005 construction began on the new building on a speculative basis.
With construction well under way, Matrix announced in mid-summer that Coaster Co. had signed on for 300,000 sf. “The demand for this facility was extremely strong,” Alexander Taylor, Matrix’s COO, told GlobeSt.com in July.
Coaster took occupancy when the building was completed late last year, and the latest deal effectively takes the rest of the asset’s space off the market. The lease-up follows Matrix’s announcement in October that it will build a 400,000-sf industrial building, also on a spec basis, on an adjacent site at 65 Stults Rd. Matrix bought the 27-acre tract earlier this year, and pending approvals, expects to be under construction by the middle of this year, according to Ken Griffin, the company’s SVP of development. “We feel that the demand for this property will be strong, given its proximity to local ports and access to major highways.”
GlobeSt.com EXCLUSIVE: Furniture Distributor Takes Another 140,000 SF
By Eric Peterson
Last updated: January 5, 2006 08:27am
(To read more on the industrial market, click here.)
SOUTH BRUNSWICK, NJ-Coaster Co. of America has signed a lease for an additional 140,000 sf at Matrix Development Group’s warehouse/distribution building at 45 Stults Rd. here, GlobeSt.com has learned. The deal, following Coaster’s agreement to take 300,000 sf earlier this year, effectively fills up the new building.
“We expect significant growth in our Northeast operations,” Matthew Chen, vice president of administration for Coaster, tells GlobeSt.com. The Santa Fe Springs, CA-based company, an importer and distributor of ready-to-assemble furniture and accessories, is using the site for its regional operations. “We needed the expansion space to prepare for the additional business, and to meet our customers’ demands.” Terms of the lease were not disclosed.
The Cranbury-based Matrix bought the 29-acre site and its existing 200,000-sf warehouse building, located in the New Jersey Turnpike Exit 8A submarket, in late 2003 and quickly announced plans to raze the building and replace it with a new 440,000-sf facility. The existing facility had been utilized for W/D purposes by Permalite Plastics Corp. and Stauffer Chemical Co. Demolition was completed by late 2004, and in the first quarter of 2005 construction began on the new building on a speculative basis.
With construction well under way, Matrix announced in mid-summer that Coaster Co. had signed on for 300,000 sf. “The demand for this facility was extremely strong,” Alexander Taylor, Matrix’s COO, told GlobeSt.com in July.
Coaster took occupancy when the building was completed late last year, and the latest deal effectively takes the rest of the asset’s space off the market. The lease-up follows Matrix’s announcement in October that it will build a 400,000-sf industrial building, also on a spec basis, on an adjacent site at 65 Stults Rd. Matrix bought the 27-acre tract earlier this year, and pending approvals, expects to be under construction by the middle of this year, according to Ken Griffin, the company’s SVP of development. “We feel that the demand for this property will be strong, given its proximity to local ports and access to major highways.”
posted by Jones Lang LaSalle NJ News Blog at 10:43 AM
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