400 Salt Meadow Road in Carteret — Courtesy: Crow Holdings Development
By Joshua Burd
Crow Holdings Development has secured its first tenant at a new 1.2 million-square-foot industrial park in Carteret, leasing 188,000 square feet to a third-party logistics firm.
The user, Weida Freight System Inc., is a Hong Kong-based operator with more than 35 offices worldwide. Its new space 400 Salt Meadow Road will allow it to expand its U.S. operations, providing a site that is a half-mile from Exit 12 of the New Jersey Turnpike and 13 miles from Port Newark-Elizabeth.
Cushman & Wakefield’s Jules Nissim, Stan Danzig and Kimberly Bach represented ownership at the three-building Crow Holdings at Carteret campus, while Avison Young’s Jimo Liu represented the tenant.
“We looked at properties throughout the region, and Crow Holdings at Carteret was the clear choice. It inspired us to make a commitment,” Weida Freight System CEO Victor Wei said. “This location checks every box for our stepped-up distribution needs in the New York metropolitan area, and the ease of access to the Turnpike can’t be beat.”
According to a news release, 400 Salt Meadow Road will be the firm’s second New Jersey warehouse and its eighth nationwide. The deal follows Crow Holdings’ redevelopment of the previously contaminated, 126-acre site, now home to three high-end warehouses as demand for the asset class remains strong in the region.
The campus still has full-building opportunities of 355,000 and 480,000 square feet at 300 and 500 Salt Meadow Road, with availabilities starting at 150,000 square feet, the news release said. It includes prebuilt offices as well as 40-foot clear ceiling heights, a combined 299 trailer parking spots, 174 dock doors with fully equipped loading docks and six drive-in ramps.
The developer added that it has a 30-year payment in lieu of taxes agreement on the site, enabling long-term tax rate stability
“Crow Holdings at Carteret provides the closest turnpike interchange access of any new industrial product built within the past 10 years, and this factor alone is driving strong interest from a variety of users — inquiries have been increasing steadily this summer and into fall,” Nissim said. “Add to that its position just 13 miles from the Port Newark-Elizabeth Marine Terminal, a tuned-in developer and business-friendly municipality, and it truly is a distinctive opportunity.”
Crow Holdings unveils new three-building, 1.2 million sq. ft. industrial campus in Carteret
