Monday, April 12, 2021

Crow Holdings Plans Large 1.2M SF Industrial Park in Carteret, NJ

By Linda Moss CoStar News 

Looking to meet the demand created by the e-commerce boom, Crow Holdings Industrial plans to build a three-building, 1.2 million-square-foot logistics development in Carteret, New Jersey.

The Dallas-based industrial arm of Crow Holdings in a statement said it purchased a 126-acre site from Glen Rock, New Jersey-based Rahway Arch Properties for the redevelopment project, which is slated to break ground this summer. The property at 300 Salt Meadow Road is located just off of Exit 12 of the New Jersey Turnpike.

Crow acquired the site in November for $86 million, according to public documents.

Crow is building the industrial complex, to be called Crow Holdings at Carteret, on a speculative basis, with no tenants lined up yet for the buildings. A number of developers have taken that strategy in New Jersey, where the demand for distribution spaces has outstripped the supply as e-commerce shopping has taken off, especially amid the pandemic.

During most of the 20th century, the site was an industrial location for several manufacturing companies. The property was owned for years by American Cyanamid, which used it as a waste disposal site. 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.

“The redevelopment of this site is good for the town as a tax ratable and because it brings more jobs,” Rinaldo D’Argenio, Rahway Arch’s managing member, said in a statement.

Crow expects to have the first building completed in the first half of next year. The three properties will range in size from 335,000 to 480,000 square feet. Each one will feature 40-foot clear ceiling heights and in aggregate will include 140 trailer parking spots, 174 dock doors and six drive-in ramps.

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