The former Ballantine Brewery property is located in the Ironbound district of Newark, NJ. The former Ballantine Breweryproperty is located in the Ironbound district of Newark,NJ.

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NEWARK, NJ—The Ballantine Industrial Center saw three new leasedeals to close out 2019 that total in excess of 36,000 squarefeet.

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NAI James E. Hanson, the exclusive leasingbroker for the former Ballantine Brewery located in the Ironbounddistrict in Newark, reports that it negotiated industrial leasesfor 16,504 square feet with L. Gambert, LLC, 11,000 square feetwith Windsor, and 9,000 square feet with Eli Fashion at the complexat 397-447 Ferry St.

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NAI James E. Hanson's industrial team of Russell Verducci andEric Demmers represented the landlord, Turnbridge Equities, in thetransactions. NAI James E. Hanson serves as exclusive leasingbroker for 726,525 square feet of space within the BallantineIndustrial Center.

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

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These improvements include a roof replacement, windowreplacement, select demolition of abandoned structures, yard andloading area repaving, and extensive aesthetic upgrades, along withClass-A, professional management. The property now features morethan 1 million square feet of industrial and loft space with397-447 Ferry Street making up the bulk of the square footage at726,525 square feet.

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"The high level of leasing activity we have seen at theBallantine Industrial Center in only a few months underscores thetremendous desirability of the Newark industrial submarket and thedearth of Class-A industrial space available in the area," Verduccisays. "Between the leases we have already negotiated and the highnumber of inquiries we have received, we are excited to quicklybring this exciting building to full occupancy and ensure it can bea valuable piece of Newark's ongoing economic resurgence movingforward."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.