NAI James E. Hanson said April 1 that it negotiated an industrial lease for 6,000 square feet with Nextstop LLC in the Ballantine Industrial Center in Newark.

Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities LLC, in the transaction.

Located at 397-447 Ferry Street, the Ballantine Brewery was a well-known institution and key piece of Newark’s economic fabric for over 115 years. However, upon its closing in 1972, the tremendous location and adaptability of the site saw it reinvented as a multi-tenanted industrial property now known as the Ballantine Industrial Center.

Following its acquisition in 2019 in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management the property underwent a $10,000,000 renovation to bring the building up to modern standards.

Verducci and Demmers have since leveraged their local market knowledge and expertise in industrial real estate to close over 350,000 square feet in leasing transactions at the site since late 2019. The latest lease with Nextstop, a third-party on-demand warehousing, distribution and fulfillment platform serving international eCommerce sellers, has built upon their track record of success and showcases the versatility of the property in any economic climate.

“In what is already one of the nation’s most competitive regional industrial real estate markets, the Ports submarket continues to be defined by low supply and record-high demand,” said Verducci. “Through their visionary capital improvement plan at the Ballantine Industrial Center, Turnbridge Equities is capitalizing on this strong market to create a new economic engine for the City of Newark geared towards the evolving needs of 21st-century companies. We are honored to continue to help them bring their vision to life through helping attract companies to this one-of-a-kind property.”

Standing at over one million square feet, the Center is ideally suited to attract a wide variety of industrial tenants hoping to find a home or expand their presence in the Ports market.