Turnbridge Equities, together with JP Morgan Asset Management, acquired the former Ballantine Brewery property in January 2019. The property consists of approximately 805,000 SF of last-mile industrial distribution space situated on 16 acres and three non-core assets comprising 270,000 SF across 4 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, 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 completing 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 executed on the disposition of the non-core assets in November 2019 to focus on the “pure-play” last-mile industrial investment.

Newark, NJ: Ballantine Industrial Center

Address

397-447 Ferry Street

Submarket

Newark, NJ

Size

1,074,000 RSF

Type

Last Mile Industrial

Date Acquired

January 2019