Team closes out 2019 with over 20,000 square feet in leasing at iconic property
Newark, N.J. (January 7, 2020) – NAI James E. Hanson announces it has negotiated industrial leases for 16,504 square feet with L. Gambert, LLC, 11,000 square feet with Windsor, and 9,000 square feet with Eli Fashion 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, in the transactions. NAI James E. Hanson serves as exclusive leasing broker for 726,525 square feet of space within the Ballantine Industrial Center.
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.
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.
Today, the Ballantine Industrial Center boasts three stories of multi-story industrial and office space in a variety of configurations. Featuring ample drive-ins, 13’ ceilings, and brand-new service elevators, the building can meet the needs of a wide range of industrial uses. The Ballantine Industrial Center is also situated in an ideal location less than three miles from Port Newark with easy access to the New Jersey Turnpike, Interstate 78, and Route 280.
“The high level of leasing activity we have seen at the Ballantine Industrial Center in only a few months underscores the tremendous desirability of the Newark industrial submarket and the dearth of Class-A industrial space available in the area,” said Verducci. “Between the leases we have already negotiated and the high number of inquiries we have received, we are excited to quickly bring this exciting building to full occupancy and ensure it can be a valuable piece of Newark’s ongoing economic resurgence moving forward.”
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.