PCCP provided construction financing for another North Jersey industrial project in Essex County.

Creation announced April 9 it and joint venture partner J.P. Morgan Asset Management will begin site work this week on McClellan One, a Class A logistics development in Newark. The activity comes after the JV secured a $64 million three-year, floating rate construction loan from PCCP.

Last week, Lincoln Equities Group secured $53.5 million in construction financing from PCCP for an industrial project in Bellville in a deal brokered by Cushman & Wakefield.

Also underscoring demand in the submarket, McClellan One is 100% pre-leased to Barsan Global Logistics.

The 120,584-square-foot building sits on a 10-acre infill site, directly adjacent to Newark Liberty International Airport. The location also offers exceptional freeway frontage and close proximity to the Port of New York and New Jersey, the New Jersey Turnpike and Manhattan.

Creation acquired the property in 2022 as part of a $200 million investment in the region. Where the former owner operated a long-term parking facility, the company anticipates vertical construction to start in the next 60 days.

Delivery is expected for February 2025.

Making a mark

In a statement, Creation co-founder Bob Agahi described the start to work in Newark as a significant milestone, “paving the way for our growth in New Jersey and our overall expansion across the Northeast.”

“This site is a once-in-a-decade find and a flagship location within our industrial portfolio,” Agahi continued. “With financing now in place and a pre-lease executed with a best-in-class global logistics company, we’re proud to set a new standard for Class-A industrial development in Newark.”

Agahi co-founded the company with David Sellers. Maintaining headquarters in Phoenix and Dallas, Creation said it already has several predevelopment projects underway in the Garden State.

Overall, the company boasts $4.5 billion of ground-up developments. In addition to New Jersey, Creation operates in major growth corridors, such as Arizona, Texas, California and New York. Altogether, the work covers 6.5 million square feet with a value of more than $1.5 billion, according to Creation.