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JPMorgan, Creation Equity Snap Up Newark Spec Industrial
Cushman & Wakefield served as advisor to institutional investors advised by JPMorgan Global Alternatives and Creation Equity in obtaining $27,300,000 of acquisition financing for McClellan One, a 9.95-acre industrial site located on the northwest corner of US Highway 1 and McClellan Street in Newark, NJ. The loan was provided by Citizens Bank.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, John Alascio, Brian Share, TJ Sullivan, Chuck Kohaut, Max Schafer and Michael Gianesello represented the borrowers .
“It was a privilege representing JPMorgan and Creation Equity, two of the most well-respected names in the industry, as they continue to grow their industrial portfolio,” said Rubano. “Citizens Bank provided market-leading terms to allow the partnership to close on this exciting acquisition.”
McClellan One is a speculative development that will be a 120,884-square-foot, Class A industrial warehouse and distribution facility when completed.
- ◦Sale/Acquisition
- ◦Financing