Crow Holdings Development announced the official groundbreaking of Carteret Crow Holdings, a 126-acre property in Carteret which includes three buildings and 1.2 million square feet of speculative development. Crow Holdings tapped Stan Danzig, Jules Nissim, and Kim Bach of Cushman & 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. With the unprecedented demand for distribution centers in recent years, industrial vacancies have consistently hovered near zero, as occupiers have absorbed new developments as quickly as they have been built.
“Logistics and industrial real estate development continue to be economic drivers for any region, especially with the growth of e-commerce from consumers and importance of supply chain management for companies – and especially in Carteret, where a parcel of this size on the Turnpike presents a very compelling opportunity,” said Clark Machemer, Crow Holdings Development’s senior managing director for the Northeast region. “We are proud to be able to contribute to the momentum of the area, partner with like-minded local officials like Mayor Reiman, and deliver high-quality, multi-purpose space for future tenants.”
The three buildings, which will range in size from 335,000 to 480,000 square feet, will each feature 40’ clear heights, and — in the aggregate — will include 159 trailer parking spots, 174 dock doors, and six drive-in ramps. The first building is expected to be delivered in September, the second building at the end of the year, and the third in the first quarter of 2023.
Since 1948, Crow Holdings, the parent company of Crow Holdings Development, has been investing in the industrial sector and has grown to become a market leader across both its institutional real estate asset management business and its development business. Over the past 22 years, Crow Holdings’ operating companies have developed or acquired more than 170 industrial properties with an additional 54 currently in development, representing over 105 million square feet of industrial space across the United States.
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