January 16, 2020

Matrix Development Group Taps Drinker Biddle Talent for Real Estate Deals with Modell’s and Walmart

Florham Park, NJ, partners Michael Woodruff, Glenn Pantel and Michael Rothpletz assisted Matrix Development Group in acquiring and developing property where two of retail’s biggest names will take a combined 489,000 square feet of space.

  • Matrix signed a 312,373-square-foot lease with Modell’s Sporting Goods at the Matrix Distribution Center in Bordentown, NJ. The retailer will occupy a little more than half of the 569,145-square-foot building at 210 Old York Road, which is part of a new speculative development off Exit 7 of the New Jersey Turnpike. Modell’s is modernizing its operation and relocating from a previous facility in the Bronx. The company will use the new space to fulfill its vast store network from New England to Washington, D.C. Michael Woodruff handled the acquisition and lease for the Bordentown property, while Glenn Pantel acquired land use approvals and Michael Rothpletz worked on a joint venture. 
  • Matrix also completed a 176,400-square-foot lease agreement with Walmart at its Gateway Business Park East in Oldmans Township. The retail giant’s new space is part of a 334,800-square-foot building within a two-building complex, which sits directly off Interstate 295. Walmart’s new facility is part of a single-loaded building with 36-foot clear ceiling heights and abundant car and truck parking with immediate accessibility to I-295. In a transaction also handled by Michael Woodruff, Jet.com, which was acquired by Walmart in 2016, occupies 655,000 square feet within the neighboring building under a lease that was signed a few months prior to the merger. Michael Woodruff  handled the Oldmans Township lease and Andy Norin represented Matrix in connection with the land use approvals.
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