The Ballantine Industrial Center in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
A commercial moving company is taking nearly 12,000 square feet at a newly renovated industrial complex in Newark, in a recent transaction by NAI James E. Hanson.
The tenant, Total Relocation Services, has agreed to lease 11,687 square feet at what’s known as the Ballantine Industrial Center. Owned by Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the space is located at 397-447 Ferry St. and is part of more than 1 million square feet of space within the complex in the city’s Ironbound section.
NAI Hanson’s Russell Verducci and Eric Demmers represented ownership as the exclusive leasing broker for 726,525 square feet within the complex. Barry Cohorsky and LJ Koch, also of NAI Hanson, represented the tenant in the transaction.
“The Newark industrial submarket exemplifies supply and demand in action, as the market grapples with record low vacancy coupled with extraordinary demand,” Verducci said. “With a highly favorable location in the heart of the tristate 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.”
Total Relocation, which is based in nearby Irvington, provides move management, installation and commercial moving services. The company will use its new industrial space to warehouse commercial furniture and will leverage the Ballantine Industrial Center’s location near Port Newark-Elizabeth and its easy access to the New Jersey Turnpike and interstates 78 and 280.
The complex is the site of the former Ballantine Brewery in Newark, which closed in 1972 and was converted to a multitenant industrial property. Turnbridge and its partners acquired the property earlier this year and launched upgrades valued at more than $10 million, including a roof replacement, window replacement, select demolition and other improvements.