Newark Distribution Center
Turnbridge Equities acquired the former Ballantine Brewery property in January 2019. The industral portfolio consists of approximately 805,000 SF of last-mile industrial distribution space situated on 16 acres. The property is located in the Ironbound neighborhood of Newark, NJ, only two miles from the Port of Newark and nine miles from Manhattan, and is situated in a highly accessible location within close proximity to I-95, I-78, I-280, Port of NY/NJ, and Newark International Airport, providing tenants with the ability to serve over 16 million people within a one-hour drive. After 40 years of non-institutional ownership, Turnbridge completed a multi-million-dollar repositioning program, including roof replacement, select demolition of abandoned structures, yard and loading area repaving and extensive aesthetic upgrades, along with Class A, professional management, to bring the property up to institutional standards, fill vacancies and improve rental rates. Turnbridge has leased the entire property at rental rates that exceeded underwriting.