Former Ballantine Brewery Complex Sold In Newark

NEWARK, NJ — A large swath of properties in Newark that used to be home to a brewing company has traded ownership, a real estate firm announced last week.

Turnbridge Equities in partnership with Long Wharf Capital recently announced the sale of its 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.

The former home of the P. Ballantine and Sons Brewing Company – which is “100%-occupied” by new tenants – was purchased by Hines, a global real estate investment, development and property manager.

According to a news release from Turnbridge:

“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. Upon acquisition, Turnbridge completed the last stages of a $13 million renovation of the Newark Distribution Center, which brought the older complex up to modern logistics standards. As a result of the renovation, the property is occupied by multiple tenants, including Iron Mountain, One Stop Logistics, and Worldpac, Inc., illustrating the property’s attractiveness to multiple tenants. In May 2022, Turnbridge and Long Wharf created and sold a subdivided portion of the property at 425 Ferry Street to Storage Blue for $8.25 million.”

Turnbridge stated:

“Located in the Ironbound district of Newark at 397-447 Ferry Street, the property sits two miles from the Port of Newark and is conveniently positioned to serve consumers and businesses throughout the New York City Metropolitan Area. The property, situated within an Opportunity Zone, is among Turnbridge’s extensive portfolio of infill industrial and last-mile logistics centers. Hyper-focused on high barrier-to-entry markets, such as New York, New Jersey, and Washington D.C., Turnbridge invests in last-mile industrial properties that address a rapidly increasing demand for same-day deliveries and urban logistics.”

Other “last-mile industrial investments” of note within Turnbridge’s portfolio include Bronx Logistics Center, New York’s largest industrial development, and National Capital Business Park outside Washington D.C.

“We’re excited to complete the sale of the Newark Distribution Center to Hines,” said Ryan Nelson, managing principal at Turnbridge Equities.

“The sale was a great execution by the entire team, especially in the current and challenging market environment,” Nelson said. “The transaction speaks volumes about the quality of the real estate, the renovations Turnbridge completed, and the property’s strong tenancy. We’re very proud that during our investment, we completed an extensive renovation, brought the property to 100% occupancy, and realized value by selling off portions of the original property for self-storage and multi-family projects.”

• See related article: Ballantine, Beer And Newark: 2 Development Updates To Know

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