Crow Holdings Development, the development platform of Crow Holdings and one of the nation’s largest industrial developers, has broken ground for its state-of-the-art new 206,826-square-foot industrial property on the site of the former Marcal Paper factory in Elmwood Park, N.J.
Four years after fire ravaged the historic Bergen County mill, 1 Market Street will be transformed into a prominent logistics hub, able to accommodate companies seeking modern logistics space in one of the country’s tightest industrial markets.
With a highly visible location just off Exit 61 of I-80, the speculative new development will feature 40-foot clear ceiling heights, 32 loading docks, two drive-in doors, and parking for 56 trailers and 198 cars. The fully sprinklered facility will have 7-inch-thick concrete floors designed to accommodate heavy goods and machinery across the space, and feature a design that reflects the iconic architecture of the former manufacturing facility that once stood in its place.
Situated just 17 miles from Manhattan, 1 Market Street offers direct access via I-80 and I-95 to the largest consumer base in the United States. The facility is scheduled to be delivered in August of 2023.
“We are thrilled to begin building this state-of-the-art new facility that will transform the former Marcal site into one of the region’s most advanced logistics offerings,” said Clark Machemer, Crow Holdings Development’s Senior Managing Director for the Northeast region. “1 Market Street will not only create jobs and contribute to the growth of the county’s economy, but it will also provide much-needed logistics space in one of the country’s most land-constrained markets, delivering a bright new future for the town and this historic site.”
After a fire in 2019 destroyed 90 percent of the old Marcal factory, the site re-opened as a smaller plant a year later. Texas-based Crow Holdings Development acquired the 11.87-acre site in 2022 and, in a joint venture with Atlas Holdings, Marcal’s majority shareholder, expects to generate $34 million in economic activity and 140 short-term jobs during construction. Once complete, 1 Market Street will produce $630,000 in property tax payments to the county, Elmwood Park, and the borough school district and support the equivalent of 240 full-time jobs.
JLL, which handled the sale of the property, is serving as the exclusive agent for 1 Market Street. A team that includes David Knee, Chris Hile, Ignatius Armenia and Ryan Milanaik is marketing the property among e-commerce and logistics occupiers increasingly under pressure to move goods competitively and quickly.
“Despite macro-economic headwinds, the New Jersey industrial market remains resilient as 3PL’s, food and beverage, and consumer goods companies seek well-located, modern facilities in close proximity to the world’s major population hubs,” Knee said. “1 Market Street will reinvent a historic factory into an economic engine of the 21st century, generating jobs, contributing to the local tax base and meeting market demand for effective logistics solutions.”
