Newark, N.J. (November 25, 2019) – NAI James E. Hanson announces it has negotiated a lease with Total Relocation Services for 11,687 square feet of industrial space in the Ballantine Industrial Center at 397-447 Ferry Street in Newark, N.J. NAI James E. Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities and Barry Cohorsky, SIOR, and LJ Koch, also of NAI Hanson, represented the tenant in the transaction. NAI James E. Hanson serves as exclusive leasing broker for 726,525 square feet of space within the Ballantine Industrial Center.
Total Relocation is a service provider that supports the entire country with a full range of move management, installation and commercial moving including pre-move coordination, move management, move labor and installation services. Total Relocation Services’ expertise is relied upon by some of the country’s largest Fortune 500 companies. Based in Irvington, N.J., they will be utilizing their 11,687 square feet of industrial space to warehouse commercial furniture and will leverage the Ballantine Industrial Center’s ideal location less than three miles from Port Newark with easy access to the New Jersey Turnpike, Interstate 78, and Route 280 to support their operations throughout the region.
“The Newark industrial submarket exemplifies supply and demand in action, as the market grapples with record low vacancy coupled with extraordinary demand,” said Verducci. “With a highly favorable location in the heart of the tri-state area’s economic engine, the Ballantine Industrial Center’s endlessly flexible industrial space makes it an ideal home for a wide range of tenants and a rare opportunity in the current market.”
Acquired earlier this year in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the Ballantine Industrial Center is situated on the site of the former Ballantine Brewery in the Ironbound section of Newark. Upon its closing in 1972, the property was repositioned as a multi-tenanted industrial property which allowed it to continue its life as a valuable economic contributor well after the brewery departed Newark. However, after years of industrial usage, the property was lacking the features and upkeep that many modern industrial users value in today’s marketplace.
Upon their acquisition of the Ballantine Industrial Center, Turnbridge and their investment partners immediately began a capital improvement program of over $10 million aimed at creating a modern and flexible industrial property that better aligned with the needs of today’s industrial users. These improvements include a roof replacement, window replacement, select demolition of abandoned structures, yard and loading area repaving, and extensive aesthetic upgrades, along with Class-A, professional management. Today, the property features over a million square feet of industrial and loft space with 397-447 Ferry Street making up the bulk of the square footage at 726,525 square feet.
With proximity to major transportation arteries, New York City and international shipping, the Ports submarket continues to stand out as one of northern New Jersey’s strongest markets. The strength of the market is most evident in the 2.9 percent vacancy rate and the $8.47 per square foot asking rate found at the end of the third quarter of 2019. The 3Q 2019 asking rate represents a $0.34 increase from the same time last year and a decline of 1.1 percent in vacancy over the same period.
For more insights on the Ports submarket and a deeper look at the northern New Jersey industrial market, please download NAI James E. Hanson’s Q3 2019 Northern and Central New Jersey Industrial Report, which highlights market trends and key data in the industrial asset class throughout the region.