Matrix Development Group has sold 49 acres of land in South Brunswick, New Jersey, to Toll Brothers, America’s Luxury Home Builder.
Prior to the sale, Matrix enhanced the value of a portion of its 240 acre land tract, which is located near the intersection of Route 130 and Friendship Road in South Brunswick, by securing the zoning and land use approvals that will allow Toll Brothers to develop a residential community of 188 townhomes, complete with a private clubhouse.
Both Matrix and Toll Brothers were represented in-house in the transaction.
Directly adjacent to the Toll Brothers’ residential project, Matrix Development has received approval for the construction of up to 37,000 s/f of retail space along the Route 130 corridor.
Matrix is currently marketing the site for sale and/or lease. The remaining land is zoned for the development of additional commercial uses and single-family homes.
“After a lengthy approvals process, we’re pleased to turn over a coveted piece of well-located land to the premier luxury homebuilders in the nation,” said Russell Tepper, vice president at Matrix Development Group.
“Toll Brothers has been a terrific partner for many years, and Matrix looks forward to developing the remaining land near Friendship Road into a dynamic mixed-use destination.”