The Ballantine Brewery in Newark has recently been sold, according to JLL.
A joint venture between Turnbridge Equities and J.P. Morgan Asset Management purchased the five-building, 1.1 million-square-foot property from RAR Development Associates for $61 million, JLL said. The pair said it plans to reposition the property.
Thomas Walsh and Joseph Garibaldi, managing directors; and Katelyn Borovsky, vice president; led the JLL Capital Markets team that represented the buyer and seller of 424 East Ferry St.
“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. “This was a terrific value-add opportunity for Turnbridge and J.P. Morgan 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 property is located on 22 acres in the Ironbound district of Newark. The five buildings range in size from 25,000 to 726,601 square feet. It is currently 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet.