Creation, one of the country’s fastest-growing commercial real estate developers, and joint-venture partner J.P. Morgan Asset Management are moving ahead with site work this week on a Class-A industrial development located on a rare infill site in Newark after securing a $64 million construction loan.
PCCP provided a three-year, floating-rate construction loan for McClellan One, a 120,584-square-foot logistics building on a world-class, 10-acre site directly adjacent to Newark Liberty International Airport. With 87 trailer stalls and exceptional freeway frontage, the site is located in the strongest submarket in all of northern New Jersey, with close proximity to the Port of New York and New Jersey, the New Jersey Turnpike and New York City.
As a testament to the unrivaled location, Creation pre-leased the entire building to Barsan Global Logistics, an integrated logistics service company with over 100 logistics centers in 51 counties. Creation acquired the site off-market in 2022 through the former owner, who operated a long-term parking facility. Vertical construction will begin within the next 60 days and completion is planned for February 2025.
“The start of construction at McClellan One signals a significant milestone for Creation, now paving the way for our growth in New Jersey and our overall expansion across the Northeast,” said Bob Agahi of Creation, a company he co-founded with David Sellers. “This site is a once-in-a-decade find and a flagship location within our industrial portfolio. With financing now in place and a pre-lease executed with a best-in-class global logistics company, we’re proud to set a new standard for Class-A industrial development in Newark.”
With dual headquarters in Phoenix and Dallas, Creation first announced its entrance into the Northeast in late 2022 as the company began $200 million in industrial developments across three marquee sites in New York and New Jersey. The sites include McClellan One, Baylis 495 Business Park in Melville, N.Y. and Old Nichols Commerce Center in Islandia, N.Y. The company aims to expand its presence in New Jersey with several predevelopment projects already underway.
Creation’s portfolio includes $4.5 billion of ground-up developments in major growth corridors of Arizona, Texas, California, Tennessee, New York and New Jersey. In total, these industrial developments cover over 6.5 million square feet with a value of over $1.5 billion.
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