Crow Holdings Lands 3rd Lease at 1.2 MSF Campus
A third-party logistics provider is the new tenant at this New Jersey campus.
Crow Holdings Development has signed a 146,000-square-foot, long-term lease with YunExpress at Crow Holdings at Carteret. The nearly 1.2 million-square-foot industrial park is in Carteret, N.J., in the Cranford-Union submarket.
The new space will be at 400 Meadow Road, within the 334,620-square-foot Building B. With this deal, the tenant is also expanding its regional footprint.
The China-based third-party logistics provider is the third tenant at the 126-acre campus. Other companies at the industrial park include Weida Freight System Inc., which occupies space at Building B, and DSV Global Transport and Logistics, which fully leased Building C last year. The only full-building availability at the campus is Building A, encompassing 479,700 square feet at 500 Salt Meadow Road.
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Newark Liberty International Airport is 9 miles away while Port Newark-Elizabeth Marine Terminal is within 10 miles. Building B features 40-foot clear heights, 20 dock doors, one drive-in door and 66-foot speed bays. Additionally, the property includes 10 trailer parking spots and 158 vehicle parking spots.
Completed in 2023, Crow Holdings at Carteret provides fast access to Interstate 95, as well as to key New York City crossings. The industrial campus benefits from a 30-year PILOT deal, allowing long-term tax rate stability.
Savills Vice Chairman Steve Card, Senior Vice President Christopher Marx, Senior Managing Director Chris O’Connor, Managing Director Taylor DeRisi, together with Corporate Managing Director Peter Starr and Associate Director Chris Marx Jr., represented the tenant. Cushman & Wakefield Vice Chairmen Jules Nissim and Stan Danzig, along with Senior Director Kimberly Bach, worked as exclusive brokers for the property.
New Jersey’s high industrial lease spreads
National in-place rents averaged $8.43 per square foot in February 2025, marking an eight-cent increase in the month and a 7.1 percent year-over-year growth for industrial, according to a recent CommercialEdge report. The spread between leases inked over the past 12 months and the overall market average In New Jersey reached $3.84 per square foot, one of the highest in the nation. Still, the metro’s vacancy rate clocked in at 9.5 percent, marking a 490-basis-point increase year-over-year.
This wasn’t the only noteworthy Crow Holdings deal in the area lately. The content platform of Major League Baseball signed a full-building lease at 25 Market St. in Elmwood Park, N.J., where it will move all its operations before the 2028 baseball season starts.
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