Cushman & Wakefield Named Property Manager for Former Ballantine Brewery Campus in Newark, NJ
New Ownership Investing Capital to Renovate and Reposition Multi-Tenant Industrial Asset
NEWARK, N.J., March 12, 2019 - Cushman & Wakefield has been named property manager for the 22-acre former P. Ballantine & Sons brewery on Ferry Street in Newark. The appointment closely follows the Ironbound industrial property's acquisition by Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.
Michael Nevins, Sam Collison, Mike Baldino, Eladio Bracero and Kevin Smith - members of Cushman & Wakefield's regional Asset Services practice - are heading the assignment to provide day-to-day operational support for the 1.1-million-square-foot campus.
Originally owned and operated by P. Ballantine & Sons, the site on Ferry Street served as the company's largest brewery. It closed in 1972 and ultimately was repositioned as a multi-tenant property. Its single- and multi-story, loft-style industrial and office buildings today house 30 businesses involved in warehouse/distribution, light manufacturing and other industrial uses.
The new ownership has launched a major renovation/repositioning effort according to Nevins, a Cushman & Wakefield managing director. "Turnbridge and J.P. Morgan took advantage of a great opportunity to purchase existing product in New Jersey's red-hot Port industrial market," noted Nevins. "In turn, this new owner is investing capital to modernize the property and its infrastructure. The result will be a well-located, highly functional option for regional industrial tenants."
The Ferry Street assignment marks Cushman & Wakefield Asset Services' second with Turnbridge Equities in New Jersey. The team provides property management services for 100 Jefferson Road in Parsippany, which Turnbridge owns with Harbor Group International. The East Rutherford-based team currently serves approximately 20.7 million square feet of space in the Garden State, including 16.4 million square feet of industrial product.
Cushman & Wakefield Asset Services provides comprehensive property management services throughout the asset life cycle. Focused on enhancing asset value, the firm's professionals are empowered to minimize operating costs, improve efficiencies, and enhance customer service in order to protect the value of each investment. Across the globe, Cushman & Wakefield manages all types of real estate on behalf of corporate, institutional, and private clients.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Turnbridge Equities
Turnbridge Equities is a New York City-based, privately held full service real estate investment and development firm with additional offices in Los Angeles, Washington, DC, Miami and Austin. Turnbridge's vertically integrated platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate. Turnbridge is an SEC registered investment advisor, via Turnbridge RE Fund Management Company I LLC. For additional information, please visit www.turnbridgeeq.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $135 billion in assets under management and over 800 professionals (as of September 30, 2018), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: www.jpmorganassetmanagement.com.