M id A tlantic Real Estate Journal — Owners, Developers & Managers — February 2024 — 3C
www.marej.com
O wners , D evelopers & M anagers Redeveloped 12-acre property transforms into a new economic development opportunity CHD completes redevelopment of Historic Marcal Paper property in Elmwood Park E LMWOOD PARK, NJ
and offering exceptional access to the Garden State Pkwy., and routes 46, 21 and 3. “The completion of this de- velopment fulfills our desire to see the property destroyed by the fire continue to benefit our borough, our county and our state for many years to come,” said Rob Baron , CEO and president of Marcal Paper, which still operates adjacent to 25 Market St. “We are grateful that, in just a few years, what was once the site of a terrible event has been transformed into a new economic devel- opment opportunity for our
community. We look forward to welcoming new neighbors to this incredible spot in NJ.” Crow Holdings Develop- ment’s Northeast regional presence is well established. Its projects include the recently completed Crow Holdings at Carteret and others comprising more than 3 million s/f of new development in New Jersey and Pennsylvania over the past 24 months. CHD specializes in multi- family and industrial develop- ment, with a newly launched office development platform as well. MAREJ
— Crow Holdings De- velopment (CHD) has announced the delivery of 25 Market St. in Elmwood Park, completing the transformation of one of northern New Jersey’s most iconic industrial proper- ties. The 207,000 s/f, class A building, located with high visibility and direct access from I-80, occupies the site of the former Marcal Paper ware- house, which was destroyed by a fire in January 2019. CHD redeveloped the 12-acre property in partnership with Atlas Holdings , which owns Marcal Paper, and worked closely with local stakeholders to create a distinctive design for the historic site. The brick façade and black window mul- lions were inspired by the for- mer, 90-year-old warehouse. Large, translucent glass accent light boxes on the building’s exterior marry the classic ele - ments with modern design and pay homage to the neon “Mar- cal” sign that long served as a local landmark. “Everyone involved under- stood the value of this prop- erty and what finding its new best-and-highest use would mean for the community,” said Clark Machemer , Crow Holdings Development’s se- nior managing director. “The fact that we have been able to bring this building online just five years after the fire is a tribute to Marcal and to the Borough of Elmwood Park, which provided tremendous support for this effort to revi- talize the area and stimulate economic growth.” “This state-of-the-art facility checks every box for meeting current demand in the north- ern New Jersey marketplace,” Armenia said. “At just over 200,000 s/f, 25 Market St. is the ideal size for a variety of end-users seeking the best features of modern warehouse design and unparalleled ac- cess to the area’s extensive regional highway network.” The single-story, energy-effi - cient building features build-to- suit office space; ceiling heights with up to 40 feet of clearance; 56 trailer stalls; 32 exterior loading docks; two drive-in doors; and a parking lot capable of accommodating 200 vehicles. The property is further distin- guished by its visibility and proximity to a confluence of ma - jor roadways, immediately off a four-way interchange of I-80
25 Market St
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