Cushman & Wakefield was the exclusive adviser to institutional investors advised by J.P. Morgan Global Alternatives and Creation Equity for $27.3 million in acquisition financing for a 9.95-acre industrial site in Newark, according to a Thursday announcement.
The loan was provided by Citizens Bank.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, John Alascio, Brian Share, T.J. Sullivan, Chuck Kohaut, Max Schafer and Michael Gianesello represented the borrowers in the transaction.
“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,” Rubano said. “Citizens Bank provided market-leading terms to allow the partnership to close on this exciting acquisition.”
Known as McClellan One and located on the northwest corner of Route 1 and McClellan Street, upon completion, the speculative development will be a 120,884-square-foot Class A industrial warehouse and distribution facility featuring 36-foot clear heights, 15 dock-high doors and 130-foot truck courts. The property will include 4.18 acres of parking with 90 trailer spaces.
The industrial site is adjacent to the Newark Liberty International Airport tarmac and less than five miles from the Port of Newark.