Crow Holdings Lands 2nd Tenant at 1.2 MSF New Jersey Campus
DSV Global Transport and Logistics has signed a full-building, 355,000-square-foot lease at Crow Holdings’ 1.2 million-square-foot industrial campus in Carteret, N.J. Cushman & Wakefield brokered the deal on behalf of both parties.
Denmark-based DSV is the second tenant that Crow Holdings added to the roster, bringing the campus closer to the 50 percent occupancy mark. The lease more than doubles DSV’s footprint in the region.
The owner signed its first tenant last year when Hong Kong-based Weida Freight System inked a 188,000-square-foot lease.
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According to an interim financial report for 2024’s second quarter, DSV expects air and sea markets to grow by 3 to 4 percent this year, while road is slated for a flat or low-growth scenario. DSV Solutions North America President Josh Summers stated in prepared remarks that the new lease more than doubles the firm’s footprint in the region.
Crow Holdings at Carteret comprises three facilities. The DSV-leased building features 40-foot clear heights, 164 car parking spaces, 35 trailer parking spaces, 50 dock doors and two drive-ins. The bay size is 54 by 54 feet, and the speed bay measures 65 feet. The transport and logistics company plans to expand the building’s office space and specialized fit-outs, including 100,000 square feet of cooler capacity.
Located at 300 Salt Meadow Road, the facility is less than 1 mile from New Jersey Turnpike Exit 12, some 8 miles from the Newark Airport and roughly 13 miles from Port Newark-Elizabeth.
Cushman & Wakefield Vice Chairs Jules Nissim and Stan Danzig alongside Senior Director Kimberly Bach represented Crow Holdings, while Vice Chair Mindy Lissner brokered on behalf of DSV.
A brownfield redevelopment
Crow Holdings Development finished the campus’ construction last year. It had been previously used as industrial waste storage. In 2012, the 126-acre site underwent remediation, having been declared a landfill reclamation district by Carteret. Crow Holdings acquired the development site for $87 million.
For its role in revitalizing the parcel, Crow Holdings received a 30-year, $135 million PILOT Program for its newly debuted property.
New Jersey’s industrial vacancy rate up 540 basis points in two years
New Jersey industrial demand remained solid throughout 2024’s second quarter with a leasing volume of 6.7 million square feet, marking a 24.9 percent increase year-over-year, according to a report by Cushman & Wakefield.
Despite an increase in demand, the area’s vacancy rate stood at 7.1 percent in June—a 540 basis points increase compared to June 2022—as industrial deliveries clocked in at 7.7 million square feet year-to-date through June which led to a negative absorption of 3 million square feet during the same period, the report reveals.
Last month, China-based JW Fulfillment Inc. signed a 342,371-square-foot, full-building lease at Trammell Crow Co.’s Arsenal Trade Center, a 1 million-square-foot logistics center in Sayreville, N.J.
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