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Crow Holdings at Carteret spans three buildings totaling 1.2 million square feet at 300, 400 and 500 Salt Meadow Road in Carteret. — Courtesy: Crow Holdings Development
By Joshua Burd
Crow Holdings Development has completed a new three-building, 1.2 million-square-foot industrial campus just off the New Jersey Turnpike in Carteret.
With the milestone, which comes after an 18-month development cycle, the firm has transformed 126 acres of previously contaminated land less than a half-mile from Exit 12 and in a submarket that is 13 miles from Port Newark-Elizabeth. It’s now marketing the facilities at 300, 400 and 500 Salt Meadow Road, working alongside a Cushman & Wakefield team led by Stan Danzig, Jules Nissim and Kimberly Bach.
The buildings are ready for occupancy, the team said.
“At a time when the efficient movement of goods is invaluable, Crow Holdings at Carteret boasts the closest Turnpike interchange access of any new industrial product constructed within the past decade and provides ease of access to major thoroughfares and key NYC crossings,” Nissim said. “And with a development team highly in tune with the needs of occupiers and eager to support clients’ success, this property is coming online with a distinct competitive advantage.”
Based in Dallas, Crow Holdings announced in spring 2021 that it had acquired the parcel from Rahway Arch Properties, which spent more than a decade cleaning up the site from years of contamination left by manufacturing uses. It held a formal groundbreaking last year, seeking to tap into the still-strong demand for modern industrial space in New Jersey and in the greater port region, where vacancy at year-end 2022 was 3.6 percent, according to Cushman.
In a news release Wednesday, the firm said Crow Holdings at Carteret offers full-building opportunities from 335,000 to 480,000 square feet, with availabilities starting at 150,000 square feet. The property has a combined 299 trailer parking spots, 174 dock doors with fully equipped loading docks and six drive-in ramps, along with prebuilt offices and 40-foot clear ceiling heights.
What’s more, the firm has built all property elements well above the post-Hurricane Sandy 100-year flood elevation.
“We are incredibly proud of this thoughtfully designed and executed campus,” said Crow Holdings Development’s Clark Machemer, senior managing director. “Its successful delivery is a credit to public/private partnership. Carteret is a pro-business municipality that recognizes development as an economic stimulant and catalyst for growth.”
To that end, Crow Holdings at Carteret has an in-place, 30-year payment in lieu of taxes agreement enabling long-term tax rate stability.
Construction underway at 1.2 million sq. ft. Crow Holdings industrial park in Carteret
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