Creation will build $200 million in industrial developments across three sites in New York and New Jersey.
The Arizona based firm has been pursuing opportunities in the tri-state area since early 2021, attracted by underlying market fundamentals, population and employment trends and high barriers to entry. Last month, the firm hired Luke Georgiadis, Vice President of Transactions, who will continue to grow Creation’s footprint on the East Coast and its New York City office opening in early 2023. These first three projects by Creation were done as part of a $1 billion joint-venture portfolio with institutional investors advised by J.P. Morgan Global Alternatives.
Creation began site work last week on Baylis 495 Business Park, a 103,500-square-foot, Class-A warehouse/distribution center in Melville, NY. The 8.18-acre site is situated approximately one mile south of the Long Island Expressway, Long Island’s primary trucking route, between Route 110 and Pinelawn Road. Demolition is now underway on the existing dilapidated office building and a formal groundbreaking is planned for next month. Creation pre-leased the site to Keurig Dr. Pepper on a long-term basis at a record-breaking rental rate. Completion is expected in late summer 2023.
The company has received approval to develop Old Nichols Commerce Center, a 178,000-square-foot, Class-A warehouse/distribution center in Islandia, NY. The property is on 12 acres at the entrance to the Long Island Expressway at Old Nichols Road. The site is situated mid-island with 1,000 feet of direct frontage along Long Island’s major trucking route, offering distribution and transportation capabilities for industrial users from New York City to The Hamptons. Creation sourced the acquisition off-market and rezoned the site from residential to commercial in 12 months. A groundbreaking is expected in December with substantial completion by early winter 2023.
Creation is working through approvals on a proposed site plan for McClellan One, a 120,000-square-foot, Class-A logistics building on a 10-acre site in Newark, NJ, directly adjacent to Newark Liberty International Airport. With 90 trailer stalls and freeway frontage, the site is located near the Port of New York and New Jersey, the New Jersey Turnpike and New York City. The developers sourced the acquisition off-market through the former owner that operated a long-term parking facility. Construction will take approximately 12 months and is anticipated to begin in late fall 2023.
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October 19, 2022 at 04:30AM
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Creation Enters Northeast with $200M in Industrial Developments - Globe St.
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