100 Matawan Road in Old Bridge — Courtesy: Cushman & Wakefield
By Joshua Burd
A supermarket co-op is moving its headquarters to New Jersey from Staten Island, one of three companies to relocate operations from New York City to an Old Bridge office building.
Brokers with Cushman & Wakefield announced this week that they represented Signature Acquisitions, the owner of 100 Matawan Road, in the 38,311-square-foot lease with Key Foods. The independent cooperative will take space on the first and second floors of the 132,000-square-foot building, which sits just off Exit 120 of the Garden State Parkway.
C&W’s Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca, who are based in its Iselin office, lead the 100 Matawan Road leasing team. CBRE’s Joe Sarno, Wes Moore and Joe Sarno III represented Key Foods, which provides inventory and services to some 270 supermarkets in New York, New Jersey, Connecticut, Pennsylvania and Massachusetts.
News of the deal comes seven months after the state Economic Development Authority approved a 10-year, $4.9 million tax credit aimed at luring the operator to New Jersey from Staten Island. The EDA said the incentive, awarded under the now-expired Grow New Jersey program, would be distributed only if Key Foods meets its commitment to bring 115 new jobs to the state.
Its lease at 100 Matawan Road is one of five deals announced by Cushman & Wakefield. The firm also represented Signature Acquisitions in a 14,287-square-foot lease with CentralReach, an electronic health record and practice management solutions provider, which is moving its headquarters from Brooklyn.
The same CBRE team represented the tenant. Moore also represented Duferco Steel Inc., a global steel distributor and longtime 100 Matawan Road tenant, in a 10,961-square-foot renewal on the building’s fourth floor.
Meantime, C&W said Coda Resources leased 7,319 square feet on the third floor at 100 Matawan Road. Carton and Elfand represented the contract manufacturing and turnkey supply chain solutions firm, which is moving a regional office from Brooklyn.
The firm also highlighted a 1,750-square-foot lease at the five-story building by Rossow USA.
Signature Acquisitions, which acquired 100 Matawan Road last year, has since leased or renewed more than half of its available square footage. C&W said the landlord is now planning common area and amenity upgrades at the property, which was also renovated under its prior owner.
“100 Matawan Road is thriving under its new ownership — which has quickly established an entrepreneurial spirit by working with us to structure creative deals and increase leasing velocity,” Elfand said. “Each of the new tenants was drawn by the property’s outstanding access and amenities, along with the region’s deep labor pool and excellent highway infrastructure. These same attributes contribute to a strong track record for renewals here — 100 Matawan is an ideal place to establish roots and stay.”