NAI James E. Hanson on Tuesday said it leased 21,001 square feet of industrial space at Ballantine Industrial Center in Newark.
Hanson’s Russell Verducci and Eric Demmers represented both the landlord, Turnbridge Equities, and the tenant, Eli Fashion Inc., in the transaction. Since late 2019, Verducci and Demmers have served as the exclusive leasing brokers for the 726,525-square-foot asset.
Located at 397-447 Ferry St., in the Ironbound district of Newark, the Ballantine Industrial Center is a well-positioned last-mile distribution center located on the 16-acre site of the former Ballantine Brewery. Only nine miles from Manhattan, the property is highly accessible with proximity to Routes 9 and 21 as well as Interstates 280 and 78 and the New Jersey Turnpike. With unrivaled access to several of the nation’s busiest multimodal logistics facilities, including Port Newark/Elizabeth and Newark Liberty International Airport, the property remains highly attractive among varying types of industrial users.
Acquired in 2019 in a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management, the Ballantine Industrial Center recently underwent a $10 million renovation aimed at creating a modern and flexible industrial property aligned with the needs of today’s industrial users. These improvements have included a roof replacement, window replacement, select demolition of abandoned structures, yard and loading area repaving and extensive aesthetic upgrades, along with bringing on Class A professional management.
“Northern New Jersey’s industrial real estate market is as competitive as any market in the nation,” Verducci said. “Within a market like that, landlords are in a strong position to benefit from the rising rents in the area. With that said, it’s important that landlords don’t chase the highest possible number at the expense of losing the stability brought by an in-place tenant. We’re happy to have found a solution that benefited both of our clients and to cap off our successful leasing assignment at this historic property.”
Eli Fashion is a fabric, garment, shoe, hat and leather accessory alteration, inspection and repair company. With an additional location in the Los Angeles area, Eli Fashion aims to build upon its existing space at the location to expand its business’s reach in the tri-state area.