Hines Snaps Up Former Ballantine Brewery Complex in Newark
Turnbridge Equities and Long Wharf Capital have sold the 738,000-square-foot Newark Distribution Center, formerly known as the Ballantine Brewery Complex, a 19.4-acre portfolio of three infill industrial properties located in Newark, NJ. Formerly home to the P. Ballantine and Sons Brewing Company founded in 1840, the 100%-occupied property was purchased by Hines for a reported $128 million.
“The sale was a great execution by the entire team, especially in the current and challenging market environment,” said Ryan Nelson, managing principal at Turnbridge Equities.
Turnbridge and Long Wharf acquired the property in May 2021 for $92 million from a joint venture between Turnbridge and institutional investors advised by J.P. Morgan Asset Management. Turnbridge then completed the last stages of a $13-million renovation of the Newark Distribution Center.
JLL represented Turnbridge in the sale to Hines. JLL Capital Markets’ Colby Mueck, Matthew Pizzolato and Ryan Carroll represented Hines in obtaining $75.8-million financing.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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