New industrial leases signed at former Ballantine Brewery, NAI Hanson says

A new tenant has signed an industrial lease at the former Ballantine Brewery in Newark, according to NAI James E. Hanson.

The real estate firm said in a news release that Nextstop LLC signed for 6,000 square feet at the Ballantine Industrial Center, 397-447 Ferry St. The property, which comprises more than 1 million square feet, is the multitenant redevelopment of the brewery, which closed in 1972.

The team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities LLC, in the transaction. Following the property’s acquisition by Turnbridge and institutional investors advised by J.P. Morgan Asset Management in 2019, NAI Hanson was retained as exclusive broker for a 726,525-square-foot portion of the property.

“In what is already one of the nation’s most competitive regional industrial real estate markets, the Ports submarket continues to be defined by low supply and record-high demand,” Verducci said in a prepared statement. “Through their visionary capital improvement plan at the Ballantine Industrial Center, Turnbridge Equities is capitalizing on this strong market to create a new economic engine for the city of Newark geared toward the evolving needs of 21st century companies.”

So far, the team of Verducci and Demmers have arranged more than 350,000 square feet in leases.