Ballantine Industrial Center at 397-447 Ferry St. in Newark — Courtesy: NAI James E. Hanson
By Joshua Burd
Two tenants have combined to lease nearly 60,000 square feet at a Newark industrial complex, in a set of transactions arranged by NAI James E. Hanson.
In the larger deal, One Stop of Newark LLC has taken 31,359 square feet at the Ballantine Industrial Center at 397-447 Ferry St. The other new lease is a 27,838-square-foot commitment by Prime Building and Maintenance Supply.
NAI Hanson’s Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, noting that they’ve completed 350,000 square feet of leasing at the sprawling property since late 2019. They serve as the leasing brokers for 726,525 square feet at the iconic former Ballantine Brewery site.
“For companies hoping to capitalize on the robust logistics infrastructure found in the New York City area, there is no location better positioned than the Ports industrial submarket,” Verducci said. “However, the market’s maturity and density coupled with tremendous demand have led to a lingering shortage of Class A industrial space throughout the region.”
Acquired in 2019 by Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the Ballantine Industrial Center spans more than 1 million square feet in Newark’s Ironbound section. The property has been a multitenant industrial complex since after the brewery was closed in 1972 and is now recently updated, following a major renovation by its new owners.
“In such a crowded market, properties like the Ballantine Industrial Center continue to stand out to companies searching for the ideal combination of adaptability and location in one of the nation’s most lucrative industrial markets,” Demmers said. “We are honored to work with Turnbridge Equities to attract premier tenants to this one-of-a-kind property and reinvent this important economic driver for the city.”
