Crow Holdings Industrial announced on April 8 that it acquired a prime 126-acre property in Carteret from Rahway Arch Properties.
Plans are to break ground this summer on a three-building, 1.2-million-square-foot speculative development. Crow Holdings tapped Stan Danzig, Jules Nissim and Kim Bach of Cushman and Wakefield to lease the space.
Located in northern New Jersey, one of the country’s most land-constrained markets for industrial development, the property will bring the region much-needed logistics space in a prime spot just off of Exit 12 of the New Jersey Turnpike.
The three buildings will range in size from 335,000 to 480,000 square feet. The buildings will each feature 40-foot clear heights, and – in the aggregate – will include 140 trailer parking spots, 174 dock doors and six drive-in ramps.
“With e-commerce gaining steam over the past few years, my administration has long recognized the importance of industrial construction in our town’s economic redevelopment initiatives, and it’s exciting to see a national developer like Crow Holdings begin a project of this magnitude,” said Carteret Mayor Daniel Reiman. “Besides creating ratables, these industrial facilities will bring hundreds of Union construction jobs and hundreds of full time permanent jobs to Carteret residents, all of which will benefit the borough more broadly. While this once abandoned site has been underutilized for many years, it’s exciting to see it begin the next chapter in its story as an economic engine that serves the needs of Carteret and surrounding areas.”
Over the past decade, the property underwent environmental remediation through the leadership of Rahway Arch, ultimately receiving full approvals from New Jersey’s Department of Environmental Protection.
“Several years into the transformation of the industrial real estate industry, developable land has become scarce in this region, and a parcel of this size on the Turnpike presents a very compelling opportunity,” said Clark Machemer, senior managing director of Crow Holdings Industrial. “With access to a strong labor pool and Carteret’s pro-business climate, the strategic location of this property makes it an unmatched spot for 21st-century industrial development. We’re anticipating kicking off construction very soon, with the goal of delivering the first building in the first half of 2022.”