Creation & JP Morgan's NJ Industrial Project Receives $64M in Financing

Creation, in partnership with J.P. Morgan Asset Management, secures a $64 million construction loan for McClellan One, a 120,584-square-foot Class A industrial development in Newark, N.J. PCCP LLC provides the financing for the project, with vertical construction set to commence within the next 60 days and completion anticipated for early 2025. Barsan Global Logistics has preleased the entire facility.

Key Features and Location

Situated at 192 McClellan St., McClellan One boasts 36-foot clear heights, 15 dock high doors, 87 trailer parking spots, and freeway frontage across its 10-acre site. With convenient access to the New Jersey Turnpike and adjacency to Newark Liberty International Airport, the location offers strategic advantages for industrial operations.

Strategic Location

McClellan One’s location places it within 6 miles of Linden, N.J., and the Port of Newark’s Container Terminal, 12 miles from Jersey City, N.J., and 14 miles from the Port of New York. Additionally, it sits within 34 miles of John F. Kennedy International Airport, facilitating efficient logistics and distribution operations.

Creation’s Expansion and Industrial Pipeline

Having entered the Northeast region in late 2022, Creation is committed to investing $200 million in industrial developments across three sites, including McClellan One. Other projects in its local pipeline include Baylis 495 in Melville, N.Y., and Old Nichols Commerce Center in Islandia, N.Y.

New Jersey Leads Industrial Pipeline

New Jersey emerges as a frontrunner in industrial development, boasting a substantial pipeline size. As of February, the metro area leads with 7.1 million square feet under construction, representing 1.2 percent of the total stock. This surpasses Philadelphia and Boston, with 6.2 million square feet and 2.9 million square feet under construction, respectively.

Ongoing Developments in New Jersey

Noteworthy among New Jersey’s ongoing developments is Lincoln Equity Group’s Belleville Logistics, a 204,407-square-foot, two-building logistics campus in Belleville, N.J. The company secured a $54 million senior construction loan from PCCP LLC for this project, further underlining the region’s robust industrial growth.