The Ballantine Industrial Center at 397-447 Ferry St. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
An investment firm has joined the ownership group of a sprawling industrial complex in Newark, under a recapitalization announced Tuesday by Cushman & Wakefield.
Brokers with the firm represented investors advised by J.P. Morgan Global Alternatives, an arm of J.P. Morgan Asset Management, and Turnbridge Equities in securing a new investment for their 807,845-square-foot property at 397-447 Ferry St., 400 Ferry St. and 100 Christie St. Turnbridge will continue to act as an operating partner, C&W said, while Boston-based Long Wharf Capital LLC has recapitalized J.P. Morgan.
Terms were not disclosed.
C&W’s Gary Gabriel, Kevin Donner, Adam Doneger, David Bernhaut, Kyle Schmidt and Ryan Larkin completed the assignment with support from leasing specialist Tom Tucci. They noted that the property, which Turnbridge and J.P. Morgan acquired in 2019, sits just off Routes 1&9 and provides easy access to Newark Penn Station, the New Jersey Turnpike and other highways.
“The property’s functionality and access to consumers and labor, as well as the recently completed capital improvements that totaled more than $13 million, repositioned the complex and significantly increased occupancy and NOI over the past 18 months,” Gabriel said. “New ownership has the opportunity to continue to build on J.P. Morgan and Turnbridge’s success and further boost the NOI via lease-up and marking rents to market.”
The three-building property is 87 percent occupied by 18 tenants, C&W said, noting that recent upgrades at the 16.2 acres campus include roof and exterior window replacements, lighting upgrades, the razing of derelict structures and newly paved and restriped parking and truck courts, among others. The property is the former P. Ballantine & Sons brewery site.