Ballantine Loft Portfolio

The portfolio is comprised of three parcels totaling four acres improved with two loft industrial buildings totaling 270,000 SF and one 10,000 SF parking lot within the former Ballantine Brewery property. The portfolio sits in an Opportunity Zone, a program that provides federal tax incentives for investments in new businesses and commercial projects in low-income communities that was part of the Tax Cuts and Jobs Act of 2017. As the portfolio was non-core to the Ballantine Industrial properties, Turnbridge executed on the disposition of the portfolio to an institutional developer in November 2019, achieving returns that significantly outperformed underwriting.

397-447 Ferry Street,
122-126 Christie Street
Newark, NJ
Asset Class
Covered Land
270,000 SF
4 acres
Date Acquired
January 2019
Date Sold
November 2019