8A — October 16 - 29, 2020 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

EWARK, NJ — NAI James E. Hanson has negotiated two Bringing 2020 leasing to 350,000 s/f at Former Ballantine Brewery in Newark, NJ NAI Hanson’s Verducci and Demmers negotiate nearly 60,000 s/f in leases in September N

447 Ferry St. within the Bal- lantine Industrial Center. In less than a year, Verducci and Demmers have helped close nearly 350,000 s/f of leasing transactions at the property. The Ballantine Industrial Center is well-positioned to capitalize on the strong demand for industrial space in the Ports submarket. The market’s prox- imity to the tri-state area and easy access to several of the nation’s busiest multimodal logistics facilities including Port Newark/Elizabeth and Newark Liberty International Airport have ensured sustained demand from industrial users

anything of its kind, consist- ing of 180 luxury residential units and 33,000 s/f of ground- floor retail, ideally located along the bustling corridor of S. Harrison Street in East Orange. Involved in the deal were Blackstone 360, LLC; Amboy Bank; Avison Young; INOA – International Office of Architects; ADG; and Frank H. Lehr Associates. Industrial: Bridge Point 78, Bridge Development Partners’ redevelopment of the former Ingersoll Rand manufacturing plant in the townships of Phillipsburg and Lopatcong. Once completed, the class A industrial ware- house campus will total 3.85 million s/f. The 365-acre for- mer brownfield site required extensive geotechnical and environmental remediation. Phase I, comprised of four warehouses totaling 2,177,554 s/f, is being sold as part of a $695 million national port- folio. Involved in the deal were Bridge Development Partners; CBRE; JLL ; and Hartford Investment Man- agement . MAREJ continued from page 5A NAIOP New Jersey celebrates . . . “For companies hoping to capitalize on the robust logis- tics infrastructure found in the New York City area, there is no location better positioned than the Ports industrial submar- ket,” said Verducci. “However, the market’s maturity and den- sity coupled with tremendous demand have led to a lingering shortage of Class-A industrial space throughout the region.” Demmers added, “In such a crowded market, properties like the Ballantine Industrial Center continue to stand out to companies searching for the ideal combination of adaptabil- ity and location in one of the na- tion’s most lucrative industrial markets.” MAREJ despite the broader economic slowdown. According to data fromNAI James E. Hanson, the Ports submarket saw the big- gest increase across northern and central NJ in average ask- ing rents in Q2 2020 compared to the same time period the year prior, increasing by 18.5%. Additionally, the market’s lim- ited deliveries of new space and robust renewal activity have seen its vacancy rate decline by 130 basis points to 2.4% from the same time last year.

industrial leases in the Bal- lantine Industrial Center at 397-447 Ferry St. in Newark for 31,359 s/f with One Stop of Newark, LLC, and 27,838 s/f with Prime Building and Maintenance Supply. NAI James E. Hanson’s in- dustrial team of Russell Ver- ducci, SIOR , and Eric Dem- mers represented the landlord, Turnbridge Equities , in the transactions. Since late 2019, Verducci and Demmers have served as the leasing brokers for 726,525 s/f of space at 397-

Ballantine Industrial Center

Made with FlippingBook - Online catalogs