Turnbridge Equities buys 1M sf industrial site in NJ Opportunity Zone for $61M

Developer and partner JP Morgan could build ground-up facility on part of 22-acre site

Tri-State /
Jan.January 29, 2019 02:00 PM

Turnbridge Equities’ Ryan Nelson and 400 Ferry Street (Credit: Turnbridge Equities)

Turnbridge Equities, which owns last-mile distribution sites in Brooklyn and the Bronx, just paid $61 million to buy a 1 million-square-foot campus in an Opportunity Zone in the tri-state area.

The Midtown-based firm teamed up with JP Morgan’s asset management arm to buy the former Ballantine Brewery property in Newark, N.J., for $61 million, a representative for the partnership told The Real Deal.

Turnbridge managing principal Ryan Nelson said the property is leased to tenants that mostly serve the Port of Newark and “over 17 million people within a one hour’s drive.”

The five-building, 22-acre site at 400 Ferry Street contains 1.1 million square feet of space. The campus sits in anOpportunity Zone, and Nelson said the partnership is planning a multi-million dollar renovation with the potential for ground-up development.

Peter Sibilia, co-head of JP Morgan Asset Management’s northeast region, said the Ballantine properties “represent a rare opportunity to acquire a portfolio of infill industrial sites.”

A JLL team of Tom Walsh and Joe Garibaldi negotiated the sale on behalf of the owner, a private partnership that controlled the property for more than 40 years.

Turnbridge earlier this year paid nearly $57 million to buy a 10-acre industrial development site in the Bronx. Last year, the company ground leased a 90,000-square-foot warehouse in East New York.


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)
How a small stretch of land on the Far West Side became an Opportunity Zone
How a small stretch of land on the Far West Side became an Opportunity Zone
CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)
Crowdfunding platform launches $20M Opportunity Zone fund
Crowdfunding platform launches $20M Opportunity Zone fund
From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
The Indie Cultivate event and Independent Lodging Congress president Andrew Benioff (Independent Lodging Congress)
Is innovation dead? These real estate disruptors say no
Is innovation dead? These real estate disruptors say no
Bentley Zhao and 58-01 Queens Boulevard (New Empire Real Estate, Google Maps, iStock)
New Empire plans ambitious condo in quiet Woodside
New Empire plans ambitious condo in quiet Woodside
Rudin Management CEO Bill Rudin and 3 Times Square (Getty Images, 3 Times Square, iStock)
Rudin gets $415M refi for 3 Times Square makeover
Rudin gets $415M refi for 3 Times Square makeover
(iStock)
Bidding wars proliferate in rental market
Bidding wars proliferate in rental market
From left: Cushman & Wakefield chairman Brett White and Newmark CEO Barry Gosin (Cushman & Wakefield, Newmark, iStock)
Rumors fly regarding Cushman-Newmark merger: report
Rumors fly regarding Cushman-Newmark merger: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...