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