Institutional investors advised by JP Morgan Global Alternatives and Creation RE, a real estate investment and development firm headquartered in Phoenix, have formed a joint venture that will invest $1 billion in industrial, warehouse and logistics real estate projects across four states.
The partners will capitalize and develop seven projects, three of which have already closed and four that are in the pipeline, totaling approximately five million square feet. They are in Newark, N.J.; Melville, N.Y.; Islandia, N.Y.; Fort Worth, Texas; and Chandler, Gilbert and Phoenix, Ariz.
"JP Morgan is an outstanding investment partner and we have assembled an extremely high-quality portfolio of projects together across the US in a very short period of time," said Josh Zemon, managing principal of Creation, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
