NEWARK, NJ — JLL has successfully sold the former Ballantine Brewery at 424 East Ferry St. in Newark, 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 s/f 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.”