Reckson, Matrix venture to fund 'big box' industrial development.Reckson Associates Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. (NYSE NYSE See: New York Stock Exchange : RA) and Matrix Development Group, a premier Northeast real estate development firm, have formed an exclusive joint venture arrangement to pursue industrial development and acquisition opportunities, including a pipeline for $200 million of "Big Box" industrial development throughout northern and central New Jersey. In structuring this entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. transaction, Reckson's initial investment includes the acquisition of options to acquire approximately 400 acres of approved land located at the Exit 7A Interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
"This is an extraordinary opportunity for Reckson to join forces with a strong local partner that shares our values and operating philosophy, thus enabling us to establish a significant presence in the northern and central New Jersey markets," said Reckson President Scott Rechler. "In essence, this structure allows us to achieve the benefits of a typical Reckson "anchor acquisition" without a significant capital investment, but with the same tremendous upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . By structuring the transaction in this manner, we have established a significant presence in the highly attractive central New Jersey 'Big Box' market without paying a substantial 'entry fee' in the form of a low cap rate, fully-priced portfolio acquisition." Joseph S. Taylor, president of Matrix Development Group, added, "The combination of Matrix' extensive industrial real estate experience and Reckson's development background and access to capital will bring a renewed impetus Impetus is a stimulus or impulse, a moving force that sparks momentum. Impetus may also refer to:
Matrix is one of the dominant industrial developers in New Jersey and has developed over five million square feet of commercial space throughout the state. During its 18-year history, Matrix has earned a reputation as a highly entrepreneurial, multi-disciplined organization that develops superior projects, including the highly-successful "CentrePoint at 8A," a 900-acre business park in New Jersey's healthiest industrial market at the Exit 8A interchange of the New Jersey Turnpike, and the million square-foot Commonwealth Corporate Center in Horsham, PA. Northeast Business Park has already begun to build momentum. The joint venture expects to commence construction, within the next 90 days, of a 265,000 square-foot built-to-suit for lease to Hahn and Depalmer at a total cost in excess of $9 million. Other projects in the park include the sale of a 13-acre parcel to McLean Engineering for the development of a 130,000 square-foot office, warehouse and light manufacturing facility, and the sale of an 11-acre parcel to Amway for the construction of a 130,000 square-foot distribution center. "The northern and central New Jersey markets are the heart of the Northeast industrial corridor and comprise the third largest industrial market in the country. The Exit 8A and 7A industrial markets are particularly attractive as they are located at the midpoints between Washington and Boston and Philadelphia and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," said Mark Schaevitz, managing director of Reckson's Northern New Jersey Division. "Matrix has proven to be one of the most adept industrial developers in this market, recognizing and capitalizing on opportunities early, and building for the future." Andy Merin of Cushman & Wakefield acted as an advisor on this transaction. Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) specializing in the acquisition, leasing, financing, management and development of office and industrial properties. Reckson's core growth strategy is focused on the suburban markets within the 50-mile radius surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire approximately $500 million in properties comprising nearly 7.1 million square feet of space. |
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