Creation RE recently announced its purchase of a roughly nine-acre development site on McClellan Street in Newark. — Courtesy: Creation
By Joshua Burd
An investment group has unveiled plans to build nearly 120,000 square feet of high-end logistics space in Newark under a newly formed, $1 billion joint venture with seven projects.
Creation RE, a Phoenix-based real estate investment and development firm, is partnering with institutional investors advised by J.P. Morgan Global Alternatives for a development pipeline that spans four states and around 5 million square feet. The projects include a planned 119,084-square-foot facility just west of Newark Liberty International Airport, after the firms’ recent purchase of just over nine acres on McClellan Street.
They also plan to capitalize and develop projects in Melville and Islandia, New York; Fort Worth, Texas and Chandler, Gilbert and Phoenix, Arizona.
“J.P. Morgan is an outstanding investment partner and we have assembled an extremely high-quality portfolio of projects together across the U.S. in a very short period of time,” said Josh Zemon, Creation RE’s managing principal. “Creation has rapidly grown over the past several years with our current investment and development pipeline approaching $4 billion. We are thankful to J.P. Morgan for their partnership and excited to continue our growth together.”
Founded in 2018 by David Sellers and Bob Agahi, Creation has two offices in Phoenix and Dallas with a third launching early next year in New York City, according to a news release. In addition to its logistics pipeline, the firm is also developing several large-scale, mixed-use projects.
“Creation has a demonstrated track record of sourcing and executing on differentiated industrial assets in various markets across the country,” said Alex Bez, vice president, real estate Americas at J.P. Morgan Asset Management. “Investing in the right markets with top-tier developers like Creation has been and will continue to be a key part our growth.”
