Centerpoint at 8A, Monroe Centre, Interchange Plaza under new management

Business Wire, Jan 20, 1997

CRANBURY, N.J.--(BUSINESS WIRE)--Jan. 20, 1997--

After leading these projects to resounding success, Matrix Development Group will turn over management responsibilities to a new team. This decision frees Matrix to explore new development challenges

Joseph S. Taylor, president and chief executive officer of Matrix Development Group, and Paul E. Taylor, Jr., chairman of the General Partner of the Owner of CenterPoint at 8A, announced today the creation of a new management group for the remaining development opportunities at CenterPoint at 8A, which includes Monroe Centre and Interchange Plaza. The newly-created CenterPoint Properties Inc. is headed by Herman Simonse, a highly-respected 40-year veteran of the New Jersey real estate industry. Simsonse has been named General Manager of the new management group. Working with Simonse will be Bollerman Development Corp., who will be responsible for developing and marketing CenterPoint.

"The Matrix name has become synonymous with CenterPoint, and we take great pride in what we have accomplished here," said Joseph Taylor. "But after 17 rewarding years of growing and developing these properties, Matrix' job is complete. Herm Simonse and the Bollerman Development Corp. are well-respected and we now look to them to handle the remaining development activities within CenterPoint."

"I am very proud to carry on the tradition of quality and integrity that Matrix has established here at CenterPoint," said Simonse, whose company office will be located in the White Oak building at Monroe Centre. "CenterPoint at 8A is a successful, mature park, with several lots remaining for immediate industrial development and some additional land available for rezoning and alternative uses. Matrix' original mission, creating value from a large, yet unknown market, has been successfully accomplished, and it will be my priority to bring about the remaining development opportunities at CenterPoint," he added.

"For Matrix Development Group, meanwhile, the future promises to be exciting," said Joseph Taylor. "We are pursuing opportunities where Matrix can continue to provide value-added development and where we can produce results like those we have seen here at CenterPoint." Headquartered at Exit 8A, Matrix will continue to introduce clients to the many benefits of the area. Matrix will continue to manage the majority of the existing light industrial space that it has developed within CenterPoint at 8A and will finish building the 90,000 square foot Playmobil facility it started in 1996. Additionally, Matrix is currently renovating, marketing and leasing a building at 200 Docks Corner Road in South Brunswick which, when renovations are complete, will be 1.2 million square feet -- the largest facility of its kind in the 8A area. Matrix plans to announce additional development activities at Exit 8A and other locations within the first quarter of this year.

Matrix Development Group is a full-service development firm headquartered in Cranbury, N.J. The company was founded in 1979 and today stands as one of the leading investment developers, with a portfolio that includes commercial, industrial, residential, leisure, hospitality and asset recovery properties throughout the Northeast and Mid-Atlantic regions. -0-

Herman C. Simonse

-- A real estate professional whose career has spanned 40 years

-- Recently retired as executive vice president, Bellemead

Development Corp. after 22 years service to the company.

-- Served as director, New Jersey Division of Economic

Development for 4 years.

-- Many years service in the planning and industrial

development area for Morris County.

-- Member: Economic Development Committee, N.J. Chamber of

Commerce

Industrial Real Estate Brokers Association of the

Metropolitan Area.

National Association of Industrial and Office

Parks, past president, New Jersey chapter

N.J. Industrial Development Association

Northeastern Industrial Developers Association,

past president, Office Developers Association

Society for Environmental and Economic Development

CONTACT: Zullo Associates Inc.

Nancy Blanchet, 908/249-5220