JLL announced it has successfully sold the former Ballantine Brewery at 424 E. Ferry St. in Newark for RAR Development Associates.

A joint venture of Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management acquired the historic 1.1 million-square-foot property for $61 million.

Thomas Walsh and Joseph Garibaldi, managing directors, and Katelyn Borovsky, vice president, led the JLL Capital Markets team that represented both the seller and the buyer.

“The Ballantine Brewery is the largest offering of existing real estate in the Port submarket, New Jersey’s most vital industrial and manufacturing market,” said Walsh. “This was a terrific value-add opportunity for Turnbridge and JPMorgan to thoroughly renovate and reposition the property for use by multiple tenants.”

“There are not many opportunities remaining in the Port submarket for small to midsize industrial tenants to find well-located and modern industrial space,” he added.

The five-building former brewery is located on 22 acres in the Ironbound section of Newark.

The property was originally owned and operated by P. Ballantine & Sons. The complex closed in 1972 and was ultimately repositioned as a functional multi- tenanted industrial asset with additional land for the development of warehouse and distribution buildings.

The campus is bifurcated by Ferry Street and its buildings range in size from 25,000 to 726,601 square feet. The Property is approximately 85 percent leased to 30 tenants occupying space from 2,500 to 159,287 square feet, with an average tenant size of approximately 28,000 square feet.