Crow Holdings Development recently held the official groundbreaking for “Carteret Crow Holdings,” a 126-acre property in Carteret to include three buildings and 1.2 million square feet of speculative development.
The three buildings, which will range in size from 335,000 to 480,000 square feet, will each feature 40-foot 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.
Crow Holdings tapped Stan Danzig, Jules Nissim, and Kim Bach of Cushman & Wakefield to lease the space.
Located in northern New Jersey, 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,” Clark Machemer, Crow Holdings Development’s senior managing director for the Northeast region, stated.
