EWARK, NJ — JLL has successfully sold the former Ballantine N Turnbridge Equities & J.P. Morgan buymulti-tenant industrial property JLL’s Walsh, Garibaldi & Borovsky secure sale of 1.1 s/f Ballantine Brewery

ISSUE HIGHLIGHTS Volume 31, Issue 4 Feb. 22 - March 14, 2019


Brewery at 424 East Ferry St. in Newark, for RARDevelop- ment Associates . A joint ven- ture of Turnbridge Equities and institutional investors ad- vised by J.P. Morgan Asset Management acquired the historic 1.1 million s/f property for $61 million. Thomas Walsh and Jo- seph Garibald i, managing directors, and Katelyn Boro- vsky , vice president, led the JLL Capital Markets team that represented both the seller and the buyer. “The Ballantine Brewery is the largest offering of exist- ing real estate in the Port submarket, New Jersey’s most vital industrial and manufac- turing 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


Ballantine Brewery

Port submarket for small to midsize industrial tenants to find well-located and modern industrial space.” The five-building, 1.1 mil- lion s/f Ballantine Brewery, 424 East Ferry St., is located on 22 acres in the Ironbound section of Newark. The prop-

erty was originally owned and operated by P. Ballantine & Sons. The complex closed in 1972 and was ultimately repositioned as a functional multi-tenanted industrial as- set with additional land for the development of warehouse/ distribution buildings.

The campus is bifurcated by Ferry St. and includes five buildings that range in size from 25,000 to 726,601 s/f. The Property is 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 s/f, with an average tenant size of ap- proximately 28,000 s/f. 

UPCOMING CONFERENCES March 20, 2019 Philadelphia Office & Industrial Conference

Chadwick and Mooradian of Marcus & Millichap broker $33.2 Million sale of multifamily portfolio

March 21, 2019 Delaware Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

and procured the buyer, a privately owned investment and management entity based in Philadelphia. Bryn Mer- rey , senior vice president and division manager is Marcus & Millichap’s broker of record in Virginia. Plant One is a 134-unit mar- ket-rate property located just south of Shockoe Slip along the James River on an entire city block in the Manchester District. All apartments have condo-quality finishes such as artisan-stained concrete and high-end amenities such as a community rooftop deck and free cable and internet. The Lofts on Franklin is a 67-unit property located at 1806, 1812, 1816-1818 and 1815-1817 East Franklin St. in Richmond’s Shockoe Bottom neighborhood. The unit mix is 54 one- bedroom units and 13 two-bedroom apartments. 

RICHMOND, VA — Mar- cus & Millichap announced the sale of The Lofts on Franklin and Plant 1, a two- property, 201-unit multifam- ily portfolio in Richmond. The properties sold for $33.2 million.

Directory Shopping Centers.............................................5-20A Business Card/Billboard Directory.......................21A Organization Events Calendar..............................24A Owners, Developers & Managers............... Section B 30/30......................................................... Section C

The Lofts on Franklin

Franklin and Plant 1 attract millennials and young profes- sionals who want to live in condo-grade apartments close to restaurants and night life in neighborhoods that reflect the city’s rich history.” Chadwick and Mart in Mooradian , associate, rep- resented the seller, a privately owned development company

“Richmond has seen im- pressive average rental rate growth, especially in the up- per-mid-range asset class, and approximately 95 percent year-over-year occupancy since 2012,” said Christo- pher Chadwick , first vice president investments inMar- cus &Millichap’s Washington, D.C. office. “The Lofts on


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