NAI James E. Hanson, a Teterboro-based commercial real estate firm, announced on Tuesday it has negotiated three industrial leases within the Ballantine Industrial Center in Newark.
The leases include:
- 16,504 square feet with L. Gambert LLC;
- 11,000 square feet with Windsor;
- 9,000 square feet with Eli Fashion.
NAI Hanson’s Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, in the deal. The firm also currently serves as the exclusive leasing broker for 726,525 square feet of space at the center.
The Ballatine Industrial Center, acquired earlier this year in a joint venture between Turnbridge and institutional investors, is situated on the site of the former Ballantine Brewery in the Ironbound section of the city at 397-447 Ferry St. When it closed in 1972, it was repositioned as a multitenanted industrial asset. Once it was acquired by the joint venture, immediate capital improvements began worth over $10 million to create a modern and flexible industrial space. Today, it has three stories with industrial and office space, 13-foot ceilings, new elevators, a new roof and windows, and more. It is also situated within close access to Port Newark, the New Jersey Turnpike, Interstate 78 and Route 280.
“The high level of leasing activity we have seen at the Ballantine Industrial Center in only a few months underscores the tremendous desirability of the Newark industrial submarket and the dearth of Class-A industrial space available in the area,” Verducci said. “Between the leases we have already negotiated and the high number of inquiries we have received, we are excited to quickly bring this exciting building to full occupancy and ensure it can be a valuable piece of Newark’s ongoing economic resurgence moving forward.”