Developer unveils massive distribution center off NJ Turnpike in Carteret

Crow Holdings Development recently celebrated the grand opening of a massive distribution center in Carteret.

Crow Holdings at Carteret, a three-building, 1.2 million-square-foot property at 300, 400 and 500 Salt Meadow Road, is ready for occupancy, featuring pre-built offices as well as a combined 299 trailer parking spots, 174 dock doors with fully equipped loading docks, and six drive-in ramps.

The location is less than half a mile off Exit 12 on the New Jersey Turnpike.

"It was great," Clark Machemer, senior managing director with Crow Holdings Development, said of the grand opening. "Really, with any opening like that, it’s looking back at the past two years, development in New Jersey is not an easy process, so, it really takes some cooperation of both the private sector here at Crow Holdings, our lender, our equity, and most importantly, Carteret, to move a project forward. So, it really just was a culmination of dedication of hard work of both people on our team and also on the municipal side."

Third-party logistics provider Weida Freight System will become the first tenant at the campus via a 188,000-square-foot, long-term transaction at 400 Salt Meadow Road.

"They’re moving product in already, and we’re just finishing up building out some of their office space for them to occupy," Machemer said.

Although Machemer said there were no other tenants at this point, "there’s been steady interest in the project as we’ve completed the project. Obviously, a lot of improvements that we had to make, not only to the buildings, but the access into the site. So now that that’s been completed, the vision we had is being realized and companies and brokers are recognizing there are benefits of being located so closely to Exit 12 on the Turnpike. Interest has picked up."

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Crow Holdings Development is in the process of leasing the buildings, Machemer said, and the lease rates would be approximate to where Weida was, $19-$20 a square foot.

Machemer said he was "optimistic in the next three to four months, we’ll be able to announce a few more deals."

Crow Holdings at Carteret is a good fit for the borough, Machemer said.

"Mayor Dan Reiman recognizes the benefits of a project like Crow Holdings at Carteret. Not only does it bring tax ratables for the town, you know, fairly significant through the PILOT program … there are $2 million a year, approaching $3 million a year, in PILOT payments to the township."

“We are proud to add Crow Holdings Development’s newest state-of-the-art industrial park to the Borough’s ever-expanding portfolio of successful redevelopment projects and welcome the national and international business tenants that will soon call Carteret home,” said Reiman in a news release. “My administration and the Borough of Carteret were excited to work with (Crow Holdings Development) throughout this brownfield redevelopment and look forward to many years of successful partnership.”

Crow Holdings Development is the development platform of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $30 billion of assets under management, and an established platform with a vision for continued success.

Brad Wadlow is a staff writer for MyCentralJersey.com

This article originally appeared on MyCentralJersey.com: NJ Turnpike distribution center in Carteret unveiled