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New York & Tri-State  + New Jersey  + Industrial  |  April 12, 2024
Emily Fu
By: Emily Fu

Creation, JP Morgan to Develop Newark Airport Industrial Project 

Creation, a commercial real estate developer, in collaboration with JP Morgan Asset Management, is commencing site work on McClellan One, a Class-A industrial development in Newark.  

Securing a $64 million construction loan from PCCP, the project encompasses a 120,584-square-foot logistics building on a 10-acre site near Newark Liberty International Airport. Barsan Global Logistics has pre-leased the entire building. Cushman & Wakefield’s John Alascio, Rob Rubano, Brian Share, TJ Sullivan and Chris Meloni represented the borrowers. The location has proximity to major transportation hubs like the Port of New York and New Jersey, the New Jersey Turnpike, and New York City. Vertical construction begins within 60 days, with completion slated 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. Creation’s broader portfolio spans $4.5 billion across major U.S. growth corridors, with a focus on industrial developments.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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