NEW YORK–(BUSINESS WIRE)–Turnbridge Equities (Turnbridge), an actual property funding and growth agency that invests in business and industrial alternatives in high-growth and excessive barrier-to-entry markets, in partnership with Lengthy Wharf Capital (Lengthy Wharf), has introduced the sale of its 738,000-square-foot Newark Distribution Heart, previously generally known as the Ballantine Brewery Complicated, a 19.4-acre portfolio of three infill industrial properties situated in Newark, NJ. As the previous dwelling of the P. Ballantine and Sons Brewing Firm based in 1840, the 100%-occupied property was bought by Hines, a world actual property funding, growth, and property supervisor. Turnbridge was represented by JLL within the transaction.
“We’re excited to finish the sale of the Newark Distribution Heart to Hines,” stated Ryan Nelson, managing principal at Turnbridge Equities. “The sale was an excellent execution by your entire workforce, particularly within the present and difficult market surroundings. The transaction speaks volumes concerning the high quality of the actual property, the renovations Turnbridge accomplished, and the property’s sturdy tenancy. We’re very proud that in our funding, we accomplished an intensive renovation, introduced the property to 100% occupancy, and realized worth by promoting off parts of the unique property for self-storage and multi-family tasks. This venture had all of it.”
Turnbridge and Lengthy Wharf acquired the property in Could 2021 for $92 million from a three way partnership between Turnbridge and institutional buyers suggested by JP Morgan Asset Administration. Upon acquisition, Turnbridge accomplished the final phases of a $13 million renovation of the Newark Distribution Heart, which introduced the older complicated as much as fashionable logistics requirements. On account of the renovation, the property is occupied by a number of tenants, together with Iron Mountain, One Cease Logistics, and Worldpac, Inc., illustrating the property’s attractiveness to a number of tenants. In Could 2022, Turnbridge and Lengthy Wharf created and bought a subdivided portion of the property at 425 Ferry Road to Storage Blue for $8.25 million.
“We’re excited to have accomplished the profitable repositioning and sale of this Class A industrial property in one of many strongest markets within the nation with our companions at Turnbridge,” stated Philip Murphy, Managing Director of Acquisitions at Lengthy Wharf.
Positioned within the Ironbound district of Newark at 397-447 Ferry Road, the property sits two miles from the Port of Newark and is conveniently positioned to serve shoppers and companies all through the New York Metropolis Metropolitan Space. The property, located inside an Alternative Zone, is amongst Turnbridge’s intensive portfolio of commercial infill and last-mile logistics facilities. Hyper-focused on excessive barrier-to-entry markets, akin to New York, New Jersey, and Washington DC, Turnbridge invests in last-mile industrial properties that handle a quickly growing demand for same-day deliveries and concrete logistics. Different last-mile industrial investments of notice inside Turnbridge’s portfolio embrace the Bronx Logistics Heart, New York’s largest industrial growth, and Nationwide Capital Enterprise Park exterior Washington, DC.
Photographs of Turnbridge Equities’ Newark Distribution Heart, together with headshots of Turnbridge Founder Andrew Joblon and Managing Companion Ryan Nelson may be discovered right here.
About Turnbridge Equities
Based in 2015 by Andrew Joblon, Turnbridge Equities is a vertically built-in actual property funding and growth agency that brings a tenacious ardour and recent method to the normal actual property mannequin. The agency pursues uniquely diversified funding methods and a extremely selective market entry course of, leveraging greater than 150 years of mixed business expertise. With a agency dedication to environmental and social stewardship, Turnbridge Equities provides an unmatched aggressive benefit that creates long-term worth for buyers, occupants, and finish customers.
About Lengthy Wharf Capital
Lengthy Wharf Capital LLC is a Boston-based non-public fairness actual property supervisor centered solely on value-added investments within the US Shaped in 2011, the agency invests on behalf of institutional purchasers together with pension funds, endowments, foundations, and household workplaces. Lengthy Wharf’s funding method makes use of a number of worth creation methods to focus on alternatives throughout property sectors and US markets. Since Lengthy Wharf’s first fund in 2012, the workforce has invested over $1.2 billion of fairness in additional than 70 investments throughout the US with an aggregated gross price of $3.9 billion. For additional data, go to: www.longwharf.com.