JLL Secures Sale of 1.1 MSF Ballantine Brewery in Newark, NJ
JLL leads sale of multitenant industrial property for $61M; property to be repositioned in Port Submarket
EAST RUTHERFORD, N.J, January 31, 2019 — JLL has successfully sold the former Ballantine Brewery at 424 East Ferry Street in Newark, N.J., for RAR Development Associates. A joint venture of Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management acquired the historic 1.1 million-square-foot property for $61 million.
Thomas Walsh and Joseph Garibaldi, Managing Directors, and Katelyn Borovsky, Vice President, led the JLL Capital Markets team that represented both the seller and the buyer.
“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. “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.”
The five-building, 1.1 million-square-foot Ballantine Brewery, 424 East Ferry Street, is located on 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. The complex closed in 1972 and was ultimately repositioned as a functional multi-tenanted industrial asset with additional land for the development of warehouse/distribution buildings.
The campus is bifurcated by Ferry Street and includes five buildings that range in size from 25,000 to 726,601 square feet. The Property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet, with an average tenant size of approximately 28,000 square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $135 billion in assets under management and over 800 professionals (as of September 30, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.