The Ballantine Industrial Center at 397-447 Ferry St. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
A business that serves the fashion industry has expanded its footprint at the former Ballantine Brewery complex in Newark, bringing the sprawling property to full occupancy.
According to brokers with NAI James E. Hanson, Eli Fashion Inc. has added 21,001 square feet of industrial space at the 726,525-square-foot Ballantine Industrial Center, which sits at 397-447 Ferry St. in the city’s Ironbound section. The deal is meant to allow the company, which provides quality control for fabric, garment, shoe, hat and leather accessory products, to grow its reach in the tristate region.
NAI Hanson’s Russell Verducci and Eric Demmers represented both the landlord, Turnbridge Equities, and the tenant in the deal.
“Northern New Jersey’s industrial real estate market is as competitive as any market in the nation,” Verducci said. “Within a market like that, landlords are in a strong position to benefit from the rising rents in the area. With that said, it’s important that landlords don’t chase the highest possible number at the expense of losing the stability brought by an in-place tenant. We’re happy to have found a solution that benefited both of our clients and to cap off our successful leasing assignment at this historic property.”
Located on the 16 acres, the Ballantine Industrial Center site is nine miles from Manhattan and provides easy access to routes 9 and 21, interstates 280 and Interstate 78 and the New Jersey Turnpike, NAI Hanson noted. Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management purchased the historic site in 2019 and recently completed a $10 million renovation aimed at creating a modern and flexible industrial property, which included roof and window replacements, select demolition of abandoned structures, yard and loading area repaving and extensive aesthetic upgrades.
Verducci and Demmers have served as the site’s leasing team since late 2019.
