Turnbridge Equities, a real estate investment and development firm that invests in commercial and industrial opportunities in high-growth and high barrier-to-entry markets, in partnership with Long Wharf Capital, has sold 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. As the former home of the P. Ballantine and Sons Brewing Company founded in 1840, the 100%-occupied property was purchased by Hines, a global real estate investment, development, and property manager. Turnbridge was represented by JLL in the transaction.
“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. 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. This project had it all.”
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.
“We’re excited to have completed the successful repositioning and sale of this Class A industrial property in one of the strongest markets in the country with our partners at Turnbridge,” said Philip Murphy, Managing Director of Acquisitions at Long Wharf.
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, DC.
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