JP Morgan, Creation RE to Invest $1B in Industrial Assets

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.

Founded in 2018 by David Sellers and Bob Agahi, Creation now has two offices in Phoenix and Dallas with a third launching early next year in New York City. Creation’s investment and development pipeline is approaching $4 billion, Zemon said. In addition to the logistics pipeline, the design-focused firm is also developing various 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 JP Morgan Asset Management, in prepared remarks. “Investing in the right markets with top-tier developers like Creation has been and will continue to be a key part our growth.”