Creation, J.P. Morgan Receive $64M Construction Loan for Newark Industrial Project

NEWARK, N.J. — A partnership between Creation, a developer with offices in Phoenix and Dallas, and J.P. Morgan Asset Management has received a $64 million construction loan for a 120,584-square-foot industrial project in Newark. The 10-acre site is adjacent to Newark Liberty International Airport and formerly served as a parking facility. The new building, which is fully preleased to Barsan Global Logistics, will be known as McClellan One and will feature 87 trailer parking stalls. Vertical construction will begin within the next 60 days, and completion is slated for February 2025. Los Angeles-based PCCP LLC provided the three-year, floating-rate loan. John Alascio, Rob Rubano, Brian Share, T.J. Sullivan and Chris Meloni of Cushman & Wakefield arranged the debt.