Plans for McClellan One, a speculative project at the northwest corner of Route 1 and McClellan Street in Newark, call for 120,884 square feet of industrial space. — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment group has procured a $27.3 million acquisition loan for a nearly 10-acre industrial parcel adjacent to Newark Liberty International Airport.
Brokers with Cushman & Wakefield sourced the debt from Citizens Bank, representing institutional investors advised by J.P. Morgan Global Alternatives and Creation Equity. They noted that the 9.95-acre parcel, located at the northwest corner of Route 1 and McClellan Street in Newark, is slated to become a modern, 120,884-square-foot warehouse and logistics facility known as McClellan One.
“It was a privilege representing J.P. Morgan and Creation Equity, two of the most well-respected names in the industry, as they continue to grow their industrial portfolio,” C&W’s Rob Rubano said. “Citizens Bank provided market-leading terms to allow the partnership to close on this exciting acquisition.”
Rubano completed the assignment alongside C&W’s John Alascio, Brian Share, TJ Sullivan, Chuck Kohaut, Max Schafer and Michael Gianesello. They added that the borrowers’ plans for the facility call for 36-foot clear ceiling heights, 15 dock-high doors and 130-foot truck courts.
The speculative project will also include 4.18 acres of parking with 90 trailer spaces, C&W said. Additionally, the site is less than five miles from the Port of Newark.