The development site located at 192 McClellan Street in Newark spans 121,000 square feet and was acquired in an off-market deal in 2022. Creation Equity and J.P. Morgan Asset Management secured a $64 million construction loan from Pacific Coast Capital Partners (PCCP) for the logistics building project, which is planned to be occupied entirely by Barsan Global Logistics. The property's prime location near Newark Liberty International Airport and easy access to major transportation routes like the New Jersey Turnpike make it a strategic investment.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $64,000,000
• Address: 192 McClellan Street
• Market: Newark
• Asset Type: Development Site
• BSF: 121,000
• Acres: 10
• Lender: William R. Lindsay - Pacific Coast Capital Partners (PCCP)
• Landlord: David Sellers & Bob Agahi - Creation Equity ; George C.W. Gatch - J.P. Morgan Asset Management
• Loan Type: Construction Loan
• Loan Terms: 3 year, floating-rate

The key individuals and companies involved in the transaction are William R. Lindsay from Pacific Coast Capital Partners (PCCP), who provided the $64 million construction loan, and the landlords David Sellers, Bob Agahi of Creation Equity, and George C.W. Gatch of J.P. Morgan Asset Management. This collaboration enabled the logistics building project to secure the necessary funding for development. Barsan Global Logistics is anticipated to benefit significantly from the property's strategic location and modern facilities.