Leasing Activity Brisk at Former Ballantine Brewery in Newark

NEWARK, NJ—The Ballantine Industrial Center saw three new lease deals to close out 2019 that total in excess of 36,000 square feet.

NAI James E. Hanson, the exclusive leasing broker for the former Ballantine Brewery located in the Ironbound district in Newark, reports that it negotiated industrial leases for 16,504 square feet with L. Gambert, LLC, 11,000 square feet with Windsor, and 9,000 square feet with Eli Fashion at the complex at 397-447 Ferry St.

NAI James E. Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, in the transactions. NAI James E. Hanson serves as exclusive leasing broker for 726,525 square feet of space within the Ballantine Industrial Center.

Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management acquired the property in 2019. Upon its closing in 1972, the property was repositioned as a multi-tenanted industrial property with a capital improvement program of more than $10 million.

These improvements include a roof replacement, window replacement, select demolition of abandoned structures, yard and loading area repaving, and extensive aesthetic upgrades, along with Class-A, professional management. The property now features more than 1 million square feet of industrial and loft space with 397-447 Ferry Street making up the bulk of the square footage at 726,525 square feet.

“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,” Verducci says. “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.”