The transaction was executed at an approximate 7.86% initial capitalization rate with rents of $34.2 million and a weighted average remaining lease term of 8.7 years.
Upon their acquisition of the Ballantine Industrial Center, Turnbridge and their investment partners immediately began a capital improvement program of more than $10 million aimed at creating a modern and flexible industrial property.
The firm, which offers cutting-edge workout bikes for indoor cycling as well as other fitness related instruments, has taken occupancy of the space and is utilizing its new facility as a warehouse/distribution and fulfillment center.
Traff served as VP at Madison Marquette for the past eight years where she focused on the retail leasing of mixed-use lifestyle centers, grocery-anchored shopping centers and ground-up development.
NJ Ignite helps technology and life sciences startup companies realize the benefits of collaborative workspaces by providing up to nine months of rent support for startup technology and life sciences businesses.