Work on Crow Holdings at Carteret began in the summer of 2022. Now, the 1.2 million-square-foot industrial complex is celebrating its completion.
Crow Holdings Development held a ribbon cutting to recognize the grand opening of the warehouse and distribution property Nov. 2, along with Carteret Mayor Daniel Reiman as well as members of the development team.
Located at 300, 400 and 500 Salt Meadow Road, off Exit 12 of the New Jersey Turnpike, the three-building property features:
- Pre-built offices,
- 40-foot clear ceiling heights,
- 299 trailer parking spots,
- 174 dock doors with fully equipped loading docks, and
- Six drive-in ramps.
Last month, Weida Freight System Inc. signed on as the first tenant at the campus, entering a long-term lease for 188,000 square feet in a deal negotiated on behalf of CHD by Cushman & Wakefield.
In his remarks, CHD Senior Managing Director Clark Machemer thanked the local administration for its partnership as well as its attendance at the debut.
“This campus, which has introduced a new, world-class warehouse/distribution opportunity in the heart of the Greater Port submarket, is the result of a strong public-private partnership,” Machemer said. “From the start, the Borough of Carteret has been a great supporter. This municipality understands that development is an economic stimulant and driver for growth.”
During the Thursday ceremony, Reiman paid tribute to the property’s impact with the presentation of a proclamation.
“We are proud to add Crow Holdings Development’s newest state-of-the-art industrial park to the Borough’s ever-expanding portfolio of successful redevelopment projects and welcome the national and international business tenants that will soon call Carteret home,” said Reiman. “My administration and the Borough of Carteret were excited to work with CHD throughout this brownfield redevelopment and look forward to many years of successful partnership.”
Crow Holdings at Carteret has a 30-year PILOT agreement with the borough.
According to the Carteret Press, a publication of the Carteret Business Partnership, Crow Holdings purchased the remediated, former Cytec Industries site for $87 million from Rahway Arch Properties LLC.
Since then, according to the update on redevelopment projects in Carteret, CHD has put up $240 million to construct Crow Holdings at Carteret. Additional investments include: the $135 million, 30-year PILOT agreement; a $6.5 million redevelopment impact fee to fund capital projects in Carteret; $350,000 to the Waterfront Park Riverwalk; and $250,000 to the URSB Carteret Performing Arts & Events Center, which is owned by the municipality.
With a New Jersey base in Montclair, CHD is part of privately owned real estate investment and development firm Crow Holdings, which has $30 billion of assets under management. According to the company, it has developed more than 45 million square feet of industrial space in the markets it operates in across the U.S. since 2013.
In May, CHD began vertical construction at the former Marcal Paper site in Elmwood Park, where it is building a more than 200,000-square-foot logistics hub.
At Crow Holdings at Carteret, the Cushman & Wakefield team is currently marketing full-building opportunities of 355,000 square feet and 480,000 square feet; availabilities start at 150,000 square feet.
The post Crow Holdings at Carteret celebrates 1.2M-square-foot debut appeared first on NJBIZ.
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Author: Jessica Perry