The former P. Ballantine & Sons brewery site in Newark on Ferry Street in Newark — Courtesy: Cushman & Wakefield
By Joshua Burd
The new owners of the former P. Ballantine & Sons brewery site in Newark has tapped Cushman & Wakefield to manage the 1.1 million-square-foot complex.
In a news release, C&W announced that it will provide day-to-day operational support for the Ferry Street property. The news comes a little more than a month after Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management acquired the 22-acre complex, which been a multitenant property in recent years.
The new ownership has launched a major renovation and repositioning effort.
“Turnbridge and J.P. Morgan took advantage of a great opportunity to purchase existing product in New Jersey’s red-hot Port industrial market,” said Michael Nevins, a managing director with C&W. “In turn, this new owner is investing capital to modernize the property and its infrastructure. The result will be a well-located, highly functional option for regional industrial tenants.”
Nevins, Sam Collison, Mike Baldino, Eladio Bracero and Kevin Smith are leading the assignment on behalf of the firm’s regional asset services practice. The team also provides property management services for another Turnbridge property, 100 Jefferson Road in Parsippany, which the landlord owns with Harbor Group International.
Newark property, originally owned and operated by P. Ballantine & Sons, served as the company’s largest brewery before closing in 1972. It was later repositioned as a multitenant complex with a mix of loft-style industrial and office buildings, which today house 30 businesses involved in warehouse and distribution, light manufacturing and other industrial uses.