Developer plans corporate park along New Jersey Turnpike

Developer renovating former corporate campus for small and mid-size tenants

But Matrix Corporate Campus's location at Interchange 8A - widely known as a regional distribution hub, not an office market - could be a drawback, according to other real estate players. The Interchange 8A markethas approximately 2.5 million square feet of office space, compared to 40 million square feet of warehouse and distribution space, according to NAI Fennelly.

"I haven't seen a whole lot of success with office type projects in the 8A market," said Jeff Milanaik, president of Heller Industrial Parks, which owns 2 miflion square feet of warehouse and distribution space near 8A. Prominent office markets in New Jersey, such as Morris County tend to have a large number of major corporate headquarters, as well as mass transit access to Manhattan, he said; "those are things I don't see at 8A."

Interchange 8A also lacks the advantage of office markets along the Route 1 corridor, which has proximity to Princeton and Rutgers universities, Milanaik said. "8A, to me, seems just a little on the outside," he said. "What's the draw? I don't quite see it."