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Creation & JP Morgan Sell Long Island Distribution Center for $44M
Creation and JP Morgan Asset Management have sold Baylis 495 Business Park, a 103,500-square-foot Class-A distribution center in Melville, to BGO for $44 million. The property, located near the Long Island Expressway, features 32’ clear heights, 20 dock doors, and two drive-in bays. It was pre-leased to Keurig Dr. Pepper in 2022.
“From identifying the site in 2021 and swiftly obtaining approvals to the remarkable transformation of the property into an award-winning logistics facility, pre-leased to a key player in the beverage sector, every aspect has seamlessly come together,” said Luke Georgiadis, vice president of transactions at Creation.
Creation, founded in 2018, entered the Northeast market in late 2022 with $200 million worth of industrial projects in New York and New Jersey, including Baylis 495, McClellan One in Newark, and the Old Nichols Commerce Center in Islandia. Their portfolio includes $4.5 billion in ground-up developments.
- ◦Sale/Acquisition
