NAI James E. Hanson, a Teterboro-based commercial real estate firm, announced on Tuesday it has negotiated two industrial leases at the Ballantine Industrial Center in Newark.
NAI Hanson said deals were made with One Stop of Newark LLC for 31,359 square feet and Prime Building and Maintenance Supply for 27,838 square feet at 397-447 Ferry St.
NAI Hanson’s industrial team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities, in both transactions. In less than one year, Verducci and Demmers have completed nearly 350,000 square feet of leases at the property.
The center is within close access to Port Newark/Elizabeth and Newark Liberty International Airport.
“For companies hoping to capitalize on the robust logistics infrastructure found in the New York City area, there is no location better positioned than the Ports industrial submarket,” Verducci said. “However, the market’s maturity and density coupled with tremendous demand have led to a lingering shortage of Class-A industrial space throughout the region.”
Demmers added, “In such a crowded market, properties like the Ballantine Industrial Center continue to stand out to companies searching for the ideal combination of adaptability and location in one of the nation’s most lucrative industrial markets. We are honored to work with Turnbridge Equities to attract premier tenants to this one-of-a-kind property and reinvent this important economic driver for the city.”
The Ballantine Industrial Center is situated on the site of the former Ballantine Brewery in the Ironbound section of Newark. It was acquired by a joint venture between Turnbridge and other investors in 2019. Capital improvements were immediate after the acquisition and today the property boasts over 1 million square feet of industrial space, ample drive-ins, 13-28-foot ceilings, new service elevators and more.