Turnbridge Equities Sells Infill Industrial Properties in Newark, NJ

Turnbridge Equities, in partnership with Long Wharf Capital, has sold its 738,000-square-foot Newark Distribution Center, formerly known as the Ballantine Brewery Complex, a 19.4-acre portfolio of three infill industrial properties located in Newark, NJ. The 100%-occupied property was purchased by Hines.

Turnbridge and Long Wharf acquired the property in May 2021 for $92 million from a joint venture between Turnbridge and institutional investors advised by J.P. Morgan Asset Management. Upon acquisition, Turnbridge completed the last stages of a $13 million renovation of the Newark Distribution Center, which brought the older complex up to modern logistics standards. As a result of the renovation, the property is occupied by multiple tenants, including Iron Mountain, One Stop Logistics, and Worldpac. In May 2022, Turnbridge and Long Wharf created and sold a subdivided portion of the property at 425 Ferry Street to Storage Blue for $8.25 million.

Located in the Ironbound district of Newark at 397-447 Ferry Street, the property sits two miles from the Port of Newark and is positioned to serve consumers and businesses throughout the New York City Metropolitan Area. The property, situated within an Opportunity Zone, is part of Turnbridge’s portfolio of infill industrial and last-mile logistics centers.