Turnbridge Equities, together with JP Morgan Asset Management, acquired the former Ballantine Brewery property in January 2019. The Property consists of approximately 1.1 million SF of last-mile industrial distribution space , situated on 20 acres in the Ironbound neighborhood of Newark, NJ, only two miles from the Port of Newark and nine miles from Manhattan. The site sits in an Opportunity Zone, a new 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. The property is situated in a highly accessible location within close proximity to I-95, I-78, I-280, Port of NY/NJ, 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 is planning 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.

Newark, NJ: Ballantine Brewery

Address

397-447 Ferry Street, 122-126 Christie Street

Submarket

Newark, NJ

Size

1,074,000 RSF

Type

Last Mile Industrial

Date Acquired

January 2019