NAI Hanson’s Latest Lease Keeps Former Ballantine Brewery in Newark Fully Occupied
NAI James E. Hanson said on Tuesday it leased 21,001 square feet of industrial space at the Ballantine Industrial Center in Newark.
Russell Verducci and Eric Demmers of Hanson represented both the owner, Turnbridge Sharesand the tenant, Fashion Eli Inc., in the transaction. As of late 2019, Verducci and Demmers are the exclusive leasing brokers for the 726,525 square foot asset.
Located at 397-447 Ferry St. in the Ironbound neighborhood of Newark, the Ballantine Industrial Center is a conveniently located last mile distribution center located on the 16-acre site of the former Ballantine Brewery. Just 9 miles from Manhattan, the property is very accessible with close proximity to Routes 9 and 21 as well as Interstates 280 and 78 and the New Jersey Turnpike. With unparalleled access to many of the nation’s busiest multimodal logistics facilities, including Port Newark/Elizabeth and Newark Liberty International Airport, the property remains highly attractive to different types of industrial users.
Acquired in 2019 as part of a joint venture between Turnbridge Equities and institutional investors advised by JP Morgan Asset Management, the Ballantine Industrial Center recently underwent a $10 million renovation aimed at creating a modern and flexible industrial property aligned with the needs of today’s industrial users. These improvements have included roof replacement, window replacement, selective demolition of derelict structures, repaving of the yard and cargo area and major aesthetic improvements, as well as the establishment of professional management class A.
“The northern New Jersey industrial real estate market is as competitive as any market in the country,” Verducci said. “In a market like this, landlords are in a strong position to take advantage of rising rents in the region. That said, it is important that landlords do not seek the highest possible number at the expense of the stability provided by an incumbent tenant. We are pleased to have found a solution that has benefited both of our clients and crowned the success of our rental mission at this historic property. »
Eli Fashion is an alteration, inspection and repair company for fabrics, clothing, shoes, hats and leather accessories. With an additional location in the Los Angeles area, Eli Fashion aims to leverage its existing space at the site to expand the reach of its business in the tri-state area.