Former NJ Ballantine Brewery Commands $61M
- Feb 05, 2019
RAR Development Associates has sold the former Ballantine Brewery in Newark, N.J. A joint venture between Turnbridge Equities and institutional investors acquired the 1.1 million-square-foot industrial complex for $61 million. J.P. Morgan Asset Management advised the buyers.
Located on 22 acres at 424 E. Ferry St., the asset encompasses five buildings ranging in size between 25,000 and 726,601 square feet and includes a total of approximately 805,000 square feet of last-mile industrial warehouse space and 269,000 square feet of manufacturing/loft industrial space. At the time of sale, the property was 85 percent leased to 30 tenants. Additionally, the site sits in an Opportunity Zone.
Repositioned for the future
According to Yardi Matrix, the property was originally completed around 1900 and served as a P. Ballantine & Sons facility. Following its closing in 1972, it became an industrial asset with additional warehouse/distribution development options. The new owners are currently conducting a multi-million-dollar repositioning program, which will result in roof replacement, demolition of abandoned structures, yard and loading area repaving and aesthetic upgrades.
Situated in the city’s Ironbound section, the facility is close to interstates 95, 78 and 280. The Port of New York and New Jersey is highly accessible, while Newark International Airport is less than 5 miles away.
A JLL Capital Markets team comprising Managing Directors Thomas Walsh and Joseph Garibaldi, alongside Vice President Katelyn Borovsky represented both parties in the transaction. Last month, JLL brokered a 1.6 million-square-foot office deal in the area.
“The Ballantine Brewery is the largest offering of existing real estate in the Port submarket, New Jersey’s most vital industrial and manufacturing market,” Walsh said in a prepared statement. “
Image courtesy of Yardi Matrix