Immovable
Last-mile industrial facility appreciates 46% on 19-month investment
January 3, 2023
Turnbridge Equities, a real estate investment and development company that invests in commercial and industrial opportunities in high-growth, high-barrier-to-entry markets, in partnership with Long Wharf Capital, has sold its Newark distribution center of 738,000 square feet, formerly known as Ballantine Brewery Complex, a 19.4-acre portfolio of three infill industrial properties located in Newark. As the former home of the P. Ballantine and Sons Brewing Company founded in 1840, the 100% occupied property was purchased by Hines, a global property investment, development and property manager. Turnbridge was represented by JLL in the transaction.
“We are delighted to complete the sale of the Newark Distribution Center to Hines,” said Ryan Nelson, Managing Director at Turnbridge Equities. “The sale was excellently executed by the entire team, particularly in the current and challenging market environment. The transaction speaks volumes about the quality of the property, the renovations completed by Turnbridge and the strong letting of the We are very proud to have carried out a complete renovation during our investment, to have brought the property to 100% occupancy and to have realized value by selling parts of the original property for self-storage and multi-family projects, this project had it all.
Turnbridge and Long Wharf acquired the property in May 2021 for $92 million from a joint venture between Turnbridge and institutional investors advised by JP Morgan Asset Management. Upon its acquisition, Turnbridge completed the final stages of a $13 million renovation of the Newark distribution center, which brought the former complex up to modern logistics standards. Following the renovation, the property is occupied by multiple tenants, including Iron Mountain, One Stop Logistics and Worldpac, Inc., illustrating the property’s appeal to multiple tenants. In May 2022, Turnbridge and Long Wharf created and sold a subdivided portion of the property at 425 Ferry Street to Storage Blue for $8.25 million.
“We are delighted to have successfully repositioned and sold this Class A industrial property in one of the strongest markets in the country with our partners at Turnbridge,” said Philip Murphy, Managing Director of Acquisitions at Long Wharf. .
Located in Newark’s Ironbound neighborhood at 397-447 Ferry Street, the property is two miles from the Port of Newark and is ideally located to serve consumers and businesses throughout the New York metropolitan area. The property, located in an area of opportunity, is part of Turnbridge’s extensive portfolio of industrial infill and last mile logistics centres. Hyper-focused on markets with high barriers to entry, such as New York, New Jersey and Washington DC, Turnbridge invests in last-mile industrial properties that meet rapidly growing demand for same-day deliveries and urban logistics. Other last-mile industrial investments of note in Turnbridge’s portfolio include the Bronx Logistics Center, New York’s largest industrial development, and the National Capital Business Park outside of Washington, DC.
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