Plans call for Matrix Logistics Park – Mount Olive call for buildings of 196,748 and 585,000 square feet at 2000 International Drive and 3000 Continental Drive, respectively, both with modern features and abundant parking at locations just off Interstate 80 — Rendering courtesy: JLL
By Joshua Burd
A venture led by Matrix Development Group has landed $93 million in financing for a project that will bring more than 780,000 square feet of new industrial space to Mount Olive.
According to JLL, which arranged the deal, Bank OZK provided the loan in connection with the two-building development known as Matrix Logistics Park – Mount Olive. The announcement comes with construction underway at the project site, located less than a mile from Interstate 80, where plans call for buildings of 196,748 and 585,000 square feet with modern features and abundant parking.
JLL senior managing directors Thomas Didio and Jim Cadranell, Managing Director Thomas E. Didio Jr., Vice President Michael Lachs and Analyst Olivia Doody led the debt placement team representing the borrower.
“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources,” Didio said. “Ultimately, Bank OZK stepped up to the plate to deliver an attractive solution for Matrix and their development partner. Thank you to the Matrix team for entrusting JLL to help bring to life this Class A industrial park.”
In a news release, JLL noted that the smaller facility will occupy a roughly 13.6-acre site at 2000 International Drive. Key building features include single-side loading capabilities, 36-foot clear ceiling heights, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces.
The second building, located at 3000 Continental Drive, will occupy the former site of BASF’s U.S. headquarters, the news release said. The building totals 585,000 square feet and includes 40-foot clear ceiling heights, cross-dock configuration, 107 loading doors, four drive-in doors and parking for 306 cars and 142 trailers.
JLL touted the project’s location 45 miles west of Manhattan and its easy access to I-80 and routes 206 and 46. It’s also within Mount Olive’s International Trade Zone, which is home to research, development and manufacturing companies and is part of a designated Foreign Trade Zone, allowing companies to reduce costs associated with importing and re-exporting goods to foreign countries.
Additionally, the project is within walking distance of NJ Transit’s Mount Olive train station, providing service along the Morristown and Montclair-Boonton lines.
“Bank OZK is pleased to provide construction financing for this large-scale Class A industrial development that will serve as a convenient, flexible and accessible distribution hub,” said Dave Sarner, managing director of originations at Bank OZK.
