Creation, a commercial real estate developer, and its joint-venture partner J.P. Morgan Asset Management, have begun site work on McClellan One, a Class A logistics building in Newark, New Jersey. The project team recently secured a $64 million construction loan from PCCP, allowing construction to move forward on the 120,584-square-foot structure, which is located on a 10-acre site at the northwest corner of Route 1 and McClellan Street, adjacent to Newark Liberty International Airport.
Rendering of McClellan One, via Creation
The building will feature 87 trailer stalls and excellent freeway frontage. The property is located in the strongest submarket of northern New Jersey, with easy access to the Port of New York and New Jersey, the New Jersey Turnpike, and New York City. The location has already attracted Barsan Global Logistics, which has pre-leased the entire building.
Rendering of McClellan One, via Creation
Creation acquired the site off-market in 2022 from the former owner, which previously operated a long-term parking facility on the property. Vertical construction is set to begin within the next 60 days, with completion planned for February 2025.
Rendering of McClellan One, via Creation
“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.”
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