NAI James E. Hanson announces a lease expansion for 21,001 square feet of industrial space at Ballantine Industrial Center located at 397-447 Ferry Street in Newark. The firm represented both the landlord, Turnbridge Equities, and the tenant, Eli Fashion, in the transaction.
Eli Fashion, Inc. is a fabric, garment, shoe, hat and leather accessory alteration, inspection and repair company. With an additional location in the Los Angeles area, the company specializes in quality control and helps companies meet their delivery dates. The company aims to build upon its existing space at the location to expand its business’ reach in the Tri-State area.
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 $10M 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.
Today, the fully occupied Ballantine Industrial Center boasts three stories of industrial and office space in a variety of configurations.
Located in the Ironbound district of Newark, The Ballantine Industrial Center is a last-mile distribution center located on the 16-acre site of the former Ballantine Brewery. Only nine miles from Manhattan, the property is accessible with proximity to Routes 9, 21 and 280 as well as Interstate 78 and the New Jersey Turnpike. Since late 2019, NAI James E. Hanson’s Russell Verducci, SIOR, and Eric Demmers have served as the exclusive leasing brokers for the 726,525 square foot asset.
“Northern New Jersey’s industrial real estate market is as competitive as any market in the nation,” said Verducci. “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.”
To access more business news, visit NJB News Now.Related Articles: