NAI James E. Hanson announced it negotiated a lease with Total Relocation Services for 11,687 square feet of industrial space in the Ballantine Industrial Center at 397-447 Ferry St. in Newark.
Based in Irvington, Total Relocation, which supports a full range of move management, installation and commercial moving services nationwide, will utilize the 11,687 square feet of industrial space to warehouse commercial furniture.
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 its life 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 in today’s marketplace.
Acquired earlier this year in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the Ballantine Industrial Center boasts an ideal location as it sits less than three miles from Port Newark, has easy access to the New Jersey Turnpike, Interstate 78, and Route 280.
Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, and Barry Cohorsky and LJ Koch, also of NAI Hanson, represented the tenant in the transaction.
Hanson also serves as the exclusive leasing broker for 726,525 square feet of space within the Ballantine Industrial Center.
“The Newark industrial submarket exemplifies supply and demand in action, as the market grapples with record low vacancy coupled with extraordinary demand,” said Verducci. “With a highly favorable location in the heart of the tri-state area’s economic engine, the Ballantine Industrial Center’s endlessly flexible industrial space makes it an ideal home for a wide range of tenants and a rare opportunity in the current market.”