NAI Hanson Brings Tenant to Newark’s Ballantine Industrial Center
NAI James E. Hanson negotiated an industrial lease for 6,000 square feet with Nextstop, LLC in the Ballantine Industrial Center at 397-447 Ferry St. in Newark’s Ports submarket. The team of Russell Verducci and Eric Demmers represented the landlord, Turnbridge Equities.
Turnbridge and institutional investors advised by JPMorgan Asset Management acquired the one-million-square-foot-plus complex in 2019. They spent more than $10 million on renovations at the property, a longtime Ballantine brewery that was converted to industrial use in 1972.
“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,” said Verducci. “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 towards the evolving needs of 21st century companies.”
- ◦Lease