Creation RE, a Phoenix-based real estate investment company and development firm, is teaming up with J.P. Morgan Global Alternatives to invest $1 billion in industrial, warehouse and logistics projects across four states in a newly formed joint venture.
The partners will capitalize and develop seven projects, three of which have already closed and four that are in the pipeline, totaling approximately 5 million square feet. They are in Newark; Melville and Islandia, New York; Fort Worth, Texas; and Chandler, Gilbert and Phoenix, Arizona.
Two projects are scheduled to break ground in the second quarter. The largest of the first three is Fort West Commerce Center, a three-building, 532,535-square-foot industrial development in Fort Worth. Midway Commerce Center in Chandler will also have three buildings with a total of 301,994 square feet.
The groundbreaking for the third project, McClellan One, on 9.08 acres of land adjacent to Newark Liberty International Airport, has not been scheduled, but it will consist of one 119,084-square-foot Class A industrial building in Newark.