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Crow Holdings Development on Wednesday welcomed local officials and its project team for a ribbon-cutting at Crow Holdings at Carteret, its new three-building, 1.2 million-square-foot industrial campus at 300, 400 and 500 Salt Meadow Road — Courtesy: Crow Holdings Development
By Joshua Burd
Carteret’s newest industrial campus was on full display this week as Crow Holdings Development unveiled a three-building, 1.2 million-square-foot development just off the New Jersey Turnpike.
The firm on Wednesday welcomed local officials, its project team and other stakeholders to mark the grand opening of Crow Holdings at Carteret, following its announcement last month that it had signed its first lease at the park. The tenant, logistics firm Weida Freight System Inc., has taken 188,000 square feet at 400 Salt Meadow Road and is one of what will be several users aiming to benefit from the complex’s modern design and highway access.
Crow Holdings Development noted that the speculative campus, which also includes 300 and 500 Salt Meadow Road, is ready for occupancy. Features include prebuilt offices and 40-foot clear ceiling heights, as well as a combined 299 trailer parking spots, 174 dock doors with fully equipped loading docks and six drive-in ramps.
“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,” said Clark Machemer, a senior managing director with Crow Holdings Development. “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. We thank Mayor (Daniel) Reiman and members of the Carteret borough council and administration for being part of this celebration.”
According to the developer, Wednesday’s event culminated with Reiman joining its team for a formal ribbon-cutting ceremony, during which he presented a proclamation recognizing the campus’ impact. The completed project follows Crow Holdings’ redevelopment of the previously contaminated, 126-acre site less than a half-mile from Exit 12 of the Turnpike.
It has done so with the help of a 30-year payment in lieu of taxes or PILOT agreement for the project, providing long-term tax rate stability.
“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,” Reiman said. “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.”
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