Cushman & Wakefield announced Tuesday it has been named the property manager for the former P. Ballantine & Sons brewery site on Ferry Street in Newark.
Michael Nevins, Sam Collison, Mike Baldino, Eladio Bracero and Kevin Smith, all members of the firm’s regional Asset Services practice, will head the assignment and provide daily operational support for the 1.1 million-square-foot campus.
The site currently houses single and multistory, loft-style industrial and office buildings. There are 30 tenants currently at the property involved in warehouse and distribution, light manufacturing, and other industrial uses.
Cushman & Wakefield said the property’s new ownership plans to renovate and reposition the site.
“Turnbridge (Equities) and J.P. Morgan took advantage of a great opportunity to purchase existing product in New Jersey’s red-hot Port industrial market,” Nevins, managing director, said. “In turn, this new owner is investing capital to modernize the property and its infrastructure. The result will be a well-located, highly functional option for regional industrial tenants.”
Financial terms were not disclosed.