NAI James E. Hanson said Tuesday it recently negotiated two industrial leases at the Ballantine Industrial Center at 397-447 Ferry St. in Newark.

One lease, signed in September, was for 31,359 square feet with One Stop of Newark LLC, and the other was for 27,838 square feet with Prime Building and Maintenance Supply.

NAI James E. Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, in the transactions.

Well-positioned to capitalize on the strong demand for industrial space in the Ports submarket, the Ballantine Industrial Center boasts excellent proximity to the tri-state area and easy access to several of the nation’s busiest multimodal logistics facilities, including Port Newark/Elizabeth and Newark Liberty International Airport.

“For companies hoping to capitalize on the robust logistics infrastructure found in the New York City area, there is no location better positioned than the ports industrial submarket,” said Verducci. “However, the market’s maturity and density coupled with tremendous demand have led to a lingering shortage of Class-A industrial space throughout the region.”

Demmers added, “In such a crowded market, properties like the Ballantine Industrial Center continue to stand out to companies searching for the ideal combination of adaptability and location in one of the nation’s most lucrative industrial markets. We are honored to work with Turnbridge Equities to attract premier tenants to this one-of-a-kind property and reinvent this important economic driver for the city.”

The Ballantine Industrial Center was acquired in 2019 in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

Upon its acquisition of the Ballantine Industrial Center, which sits on the site of the former Ballantine Brewery in the Ironbound section of Newark, Turnbridge and its investment partners immediately began a significant capital improvement program aimed at creating a  flexible industrial property that better aligned with the needs of modern industrial users.

Today, the property features more than 1 million square feet of industrial and loft space with 397-447 Ferry St. making up the bulk of the square footage at 726,525 square feet.

The Ballantine Industrial Center boasts industrial and office space in a variety of configurations, featuring ample drive-ins, 13-foot to 28-foot ceilings, and brand-new service elevators.