Former Ballantine Brewery in Newark, NJ Sells for $61M
Turnbridge Equities & J.P. Morgan plan to reposition the property, located in the thriving Port submarket.
NEWARK, NJ—A joint venture of Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management acquired the former Ballantine Brewery at 424 East Ferry Street in Newark, NJ. Turnbridge and its partners acquired the historic 1.1 million-square-foot property for $61 million.
Thomas Walsh and Joseph Garibaldi, managing directors, and Katelyn Borovsky, vice president, led the Jones Lang LaSalle Capital Markets team that represented both the seller, RAR Development Associates, and the buyer.
“The Ballantine Brewery is the largest offering of existing real estate in the Port submarket, New Jersey’s most vital industrial and manufacturing market,” says Walsh. “This was a terrific value-add opportunity for Turnbridge and JPMorgan to thoroughly renovate and reposition the property for use by multiple tenants. There are not many opportunities remaining in the Port submarket for small to midsize industrial tenants to find well-located and modern industrial space.”
The five-building brewery campus occupies 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. The complex closed in 1972 and was repositioned as a functional multi-tenanted industrial asset with additional land for the development of warehouse/distribution buildings.
The campus is bifurcated by Ferry Street and includes five buildings that range in size from 25,000 to 726,601 square feet. The property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet, with an average tenant size of approximately 28,000 square feet.