Turnbridge Equities said Monday that it is nearing completion on the $10 million capital improvement program on the former Ballantine Brewery in Newark.
Located at 425 East Ferry Street, Turnbridge, which acquired the property in 2019 in a joint venture for $61 million, rebranded the site as the Ballantine Industrial Center. The property now features over a million square feet of industrial space.
“Turnbridge is pleased to announce we are nearing the completion of the capital improvement program for the Class-A Ballantine Industrial Center,” said Managing Principal Ryan Nelson. “Since we acquired the property last year and announced our comprehensive repositioning strategy, our leasing team has had tremendous success, even with the ongoing COVID-19 crisis. The Ballantine Industrial Center offers adaptability and an unbeatable location in a supply-constrained market, which is resonating with a variety of industrial tenants.”
At the time of the acquisition, the campus, which is located on 22 acres in the Ironbound section of Newark, was the largest offering of real estate in the Port’s submarket and has provided Turnbridge with a unique opportunity to renovate and reposition the asset into an industrial center for multiple types of users.
Renovations included new roof and window replacements, select demolition of abandoned structures and skybridges, yard and loading area repaving, extensive aesthetic upgrades. Turnbridge even created a replica of the historic Ferry Street clock.
The new Ballantine Industrial Center has already proven successful from a leasing standpoint as 60,000 square feet of new leases were announced in September for the property, bringing 2020 leasing to a whopping 450,000 square feet. A true accomplishment as most of the deals have closed during the pandemic.
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.
Additionally, the Ballantine Industrial Center is conveniently located to major arteries in the state – as it sits less than three miles from Port Newark, and has easy access to the New Jersey Turnpike, Interstate 78, and Route 280.