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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
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.