Turnbridge Equities, together with JP Morgan Asset Management, announced the acquisition of the former Ballantine Brewery at 400 Ferry Street in the Ironbound neighborhood in January 2019.
Since inception, Turnbridge has developed a track record of over $700 million in total capitalization in all asset classes
The property consists of approximately 805,000 square feet of last-mile industrial warehouse space and 269,000 square feet of manufacturing / loft industrial space, totaling 1,074,000 square feet situated on 20 acres only two miles from the Port of Newark. The site sits in an Opportunity Zone, a new program that provides federal tax incentives for investments in new businesses and commercial projects in low-income communities that was part of the Tax Cuts and Jobs Act of 2017.
“The Ballantine Brewery is the largest offering of existing real estate in the Port submarket, New Jersey’s most vital industrial and manufacturing market,” said Walsh in a statement. “This was a terrific value-add opportunity for Turnbridge and JPMorgan to thoroughly renovate and reposition the property for use by multiple tenants. There are not many opportunities remaining in the Port submarket for small to midsize industrial tenants to find well-located and modern industrial space.”
Situated in a highly accessible location within close proximity to I-95, I-78, I-280, Port of NY/NJ, Newark International Airport, this location provides tenants with the ability to serve over 16 million people within a one-hour drive. After 40 years of non-institutional ownership, Turnbridge immediately commenced a multi-million-dollar repositioning program, including roof replacement, select demolition of abandoned structures, yard and loading area repaving and extensive aesthetic upgrades, along with Class A, professional management, to bring the property up to institutional standards, fill vacancies and improve rental rates.
