Ballantine Industrial Center at 397-447 Ferry St. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
A logistics firm is taking 6,000 square feet at a sprawling industrial complex in Newark, in a lease arranged by brokers with NAI James E. Hanson.
The real estate services firm represented Turnbridge Equities LLC, the landlord at 397-447 Ferry St., in the transaction with Nextstop LLC. The on-demand warehousing, distribution and fulfillment platform, which serves international e-commerce sellers, is among the latest tenants at what’s known as the Ballantine Industrial Center, which occupies the iconic former Ballantine Brewery site in Newark’s Ironbound section.
NAI Hanson’s Russell Verducci and Eric Demmers completed the deal.
“In what is already one of the nation’s most competitive regional industrial real estate markets, the Ports submarket continues to be defined by low supply and record-high demand,” Verducci said. “Through their visionary capital improvement plan at the Ballantine Industrial Center, Turnbridge Equities is capitalizing on this strong market to create a new economic engine for the city of Newark geared towards the evolving needs of 21st century companies. We are honored to continue to help them bring their vision to life through helping attract companies to this one-of-a-kind property.”
The center spans more than 1 million square feet, NAI Hanson said. Following its acquisition in 2019 by a joint venture of Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the buyers retained NAI Hanson as its broker for 726,525 square feet within the complex.
Ownership also embarked on a $10 million renovation to modernize the massive property. Since late 2019, the team of Verducci and Demmers have closed more than 350,000 square feet in lease transactions at the site.