Portfolio comprised of three parcels totaling 4 acres improved with two loft industrial buildings and one 10,000 SF parking lot totaling 270,000 SF 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. Turnbridge executed on the disposition of the Portfolio to an institutional developer in November 2019, achieving returns that significantly outperformed underwriting.

Newark, NJ: Ballantine Loft Industrial Portfolio

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