NAI James E. Hanson on Tuesday said it negotiated industrial leases for three companies at the Ballantine Industrial Center in Newark.
NAI Hanson arranged for 16,504 square feet with L. Gambert LLC; 11,000 square feet with Windsor; and 9,000 square feet with Eli Fashion at 397-447 Ferry St. in Newark.
Serving as the exclusive leasing broker for 726,525 square feet of space within the Ballantine Industrial Center, Russell Verducci and Eric Demmers of Hanson’s industrial team represented the landlord, Turnbridge Equities, in all the transactions.
Acquired early in 2019 in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the Ballantine Industrial Center is situated on the site of the former Ballantine Brewery in the Ironbound section of Newark. Upon its closing in 1972, the property was repositioned as a multi-tenanted industrial property which allowed it to continue as a valuable economic contributor well after the brewery departed Newark. However, after years of industrial usage, the property was lacking the features and upkeep that many modern industrial users value. Through a capital improvement program of more than $10 million, Turnbridge and its investment partners created a modern and flexible industrial property better aligned with the needs of today’s industrial users.
Today, the Ballantine Industrial Center boasts three stories of multi-story industrial and office space in a variety of configurations. Featuring ample drive-ins, 13-foot ceilings, and new service elevators, the building can meet the needs of a wide range of industrial tenants.
“The high level of leasing activity we have seen at the Ballantine Industrial Center in only a few months underscores the tremendous desirability of the Newark industrial submarket and the dearth of Class-A industrial space available in the area,” said Verducci. “Between the leases we have already negotiated and the high number of inquiries we have received, we are excited to quickly bring this exciting building to full occupancy and ensure it can be a valuable piece of Newark’s ongoing economic resurgence moving forward.”