NAI Hanson named leasing brokerage for former Ballantine Brewery in Newark

NAI James E. Hanson has been retained as the exclusive leasing agent for the former Ballantine Brewery in Newark, it announced Tuesday.

The commercial real estate firm said the Ballatine Industrial Center, comprised of 807,401 square feet and located at 397-447 Ferry Street, will be handled by its industrial team of Russel Verducci and Eric Demmers.

“Despite trade war fears and economic uncertainty, the Ports industrial submarket continues to see record-high demand coupled with an increasingly limited supply,” Demmers said. “With a high level of competition for limited space, landlords with prime spaces like Ballantine Industrial Center find themselves in a great situation. Just like our previous leasing assignments in this submarket, we look forward to leveraging our market knowledge and experience to help our client secure quality tenants at a fair price and continuing our track record of success at this historic property.”

The center, which sits on the site of the former brewery in Newark’s Ironbound neighborhood, was acquired earlier this year in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

The center features three stories of multitenant industrial and office space as well as multiple drive ins, 13-foot ceilings and brand new service elevators. It is also within close access to the New Jersey Turnpike, Interstate 78 and Route 280.

“The Ports submarket is one of the state’s densest and most mature industrial submarkets. Due to this, it is rare to see prime industrial space come on the market,” Verducci said. “With strong institutional ownership and experienced property management services, the Ballantine Industrial Center is a fantastic opportunity for tenants searching for a quality industrial building in one of the region’s most in-demand markets.”