The Ballantine Industrial Center in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
Three tenants have combined to lease more than 36,000 square feet at a sprawling industrial complex in Newark, under a series of deals by NAI James E. Hanson.
The brokerage team this week announced the activity at the Ballantine Industrial Center, where it represents ownership in leasing some 726,525 square feet. The largest among the new tenants is L. Gambert LLC, which is taking 16,504 square feet, while Windsor and Eli Fashion leased 11,000 square feet and 9,000 square feet, respectively.
NAI Hanson’s Russell Verducci and Eric Demmers represented Turnbridge Equities in the transactions. The deal follows a recent 12,000-square-foot commitment at the complex, the now-converted site of the former Ballantine Brewery.
“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,” Verducci said. “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.”
NAI Hanson noted that Ballantine Brewery closed in 1972, giving way to a project that called for converting the complex to a multitenant industrial property. Turnbridge and its partners acquired the site last year and launched upgrades valued at more than $10 million, including a roof replacement, window replacement, select demolition and other improvements.