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Phoenix’s Creation RE and institutional investors advised by J.P. Morgan Global Alternatives announced a joint venture April 5 that will invest $1 billion in industrial, warehouse and logistics real estate projects across four states, including New Jersey.

As part of the announcement, the partners identified seven projects — three have already closed, four are in the pipeline — totaling approximately 5 million square feet in Newark; Melville, N.Y.; Islandia, N.Y.; Fort Worth, Texas; and Chandler, Gilbert and Phoenix, Ariz.

In the Brick City, there’s no expected delivery date for the venture’s development, but the McClellan One project in Newark closed April 4.

Located at 192 McClellan St., the partners are proposing a 119,000-square-foot facility with 60 trailer parking spaces. The development comes at a time when industrial space in North Jersey is in high-demand, with Cushman & Wakefield reporting a historically low vacancy rate of 1.8% for warehouse space for the first quarter of 2022.

Creation RE was founded in 2018 by David Sellers and Bob Agahi. The company has offices in Phoenix and Dallas, with a third coming to New York City in early 2023.

On top of its logistics endeavors, it also focuses on developing large-scale, mixed-use projects.

“J.P. Morgan is an outstanding investment partner and we have assembled an extremely high-quality portfolio of projects together across the U.S. in a very short period of time,” Creation RE Managing Principal Josh Zemon said in a  statement. “Creation has rapidly grown over the past several years with our current investment and development pipeline approaching $4 billion. We are thankful to J.P. Morgan for their partnership and excited to continue our growth together.”

Editor’s note: This story was updated at 5:08 p.m. EST on April 6, 2022, to clarify that the proposal for McClellan One includes 60 trailer parking spaces.