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Newburgh - A real estate investment and development company headquartered in Cranbury, NJ Wednesday said it has purchased a 69 acre tract of land adjacent to Stewart Airport and it intends to develop up to 650,000 square feet of light industrial space.

Matrix Development Group bought the land in two separate transactions from PNC Bank and a private investment group.

"We are very excited about the acquisition because it greatly diversifies our portfolio in a market that has tremendous growth potential," said company Vice President Gary Hans. "The Port Authority's investment will have a very significant impact on the airport and the business climate of Orange county overall. We expect Matrix Business Park at Newburgh to be a highly sought after location."
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