NAI Hanson’s Verducci and Demmers negotiate nearly 60,000 s/f in leases in September
Newark, NJ — NAI James E. Hanson has negotiated two industrial leases in the Ballantine 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 industrial team of Russell Verducci, SIOR, and Eric Demmers 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 397-447 Ferry St. within the Ballantine 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 proximity 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 despite the broader economic slowdown. According to data from NAI James E. Hanson, the Ports submarket saw the biggest increase across northern and central NJ in average asking rents in Q2 2020 compared to the same time period the year prior, increasing by 18.5%. Additionally, the market’s limited 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.