{"id":1004637622,"date":"2023-01-04T03:48:21","date_gmt":"2023-01-04T11:48:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004637622"},"modified":"2023-01-10T11:43:01","modified_gmt":"2023-01-10T19:43:01","slug":"hines-pays-127m-for-new-jersey-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-pays-127m-for-new-jersey-industrial-portfolio\/","title":{"rendered":"Hines Pays $127M for New Jersey Industrial Portfolio"},"content":{"rendered":"
\"\"<\/a>

Newark Distribution Center. Image courtesy of Turnbridge Equities<\/p><\/div>\n

Hines<\/strong> has acquired Newark Distribution Center, a three-property, 738,000-square-foot industrial portfolio in Newark, N.J., from the joint venture of Turnbridge Equities <\/strong>and Long Wharf Capital<\/strong>. The assets changed hands for a combined $127.4 million and Sumitomo Mitsui Banking Corp.<\/strong> provided the buyer with a $75.8 million acquisition loan, according to Essex County records. JLL <\/strong>represented Turnbridge.<\/p>\n

The transaction marks Hines’ first acquisition in its East Region market. The firm currently has 2.2 million square feet of industrial space under construction in the area, with another 4.8 million in the planning stages.<\/p>\n

Life of a former brewery<\/h2>\n

Formerly home to P. Ballantine and Sons Brewing Co.<\/strong>, Newark Distribution Center was originally built in 1900 as a brewery and converted to warehousing use in 1972, according to CommercialEdge information. The portfolio previously traded in 2021, when the partnership purchased it for $92 million from a joint venture between Turnbridge and institutional investors advised by J.P. Morgan Asset Management<\/strong>. The deal was financed with a $66.6 million bridge loan from Barings<\/strong>, CommercialEdge data shows.<\/p>\n

\n

READ ALSO:<\/strong> What\u2019s Next for Industrial Real Estate<\/a><\/p>\n

\n

During the previous ownership, Turnbridge completed a $13 million renovation which transformed the property into a modern logistics center. The asset was fully leased at the time of sale, its tenant roster including Iron Mountain, One Stop Logistics and Worldpac Inc., among others.<\/p>\n

Located at 397-447 Ferry St., 400 Ferry St. and 100 Christie St. in an Opportunity Zone, the 19.4-acre site is just 9 miles from downtown New York City, close to the Port of Newark. The property has access to interstates 95, 78 and 280, with Newark Liberty International Airport only 5 miles away. Amazon, Lineage Logistics and Dynamic Distribution Services are some of the area’s industrial users.<\/p>\n

Turnbridge’s East Coast presence<\/h2>\n

In terms of industrial investments, Turnbridge focuses on high barrier-to-entry markets, such as New York, New Jersey and Washington, D.C., specifically on properties that respond to the demands for same-day deliveries and urban logistics. Currently, the firm owns more than 3.2 million square feet of industrial space, according to CommercialEdge.<\/p>\n

One of the company\u2019s recent East Coast endeavors is a 1.3 million-square-foot distribution center<\/a> coming online in The Bronx. New York\u2019s largest industrial development is slated for completion in the second quarter of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL represented the seller of the former brewery, which last changed hands for $92 million.<\/p>\n","protected":false},"author":2829,"featured_media":1004637623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,1600,21742,10],"tags":[32797,32796,34931,49084],"class_list":["post-1004637622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-hines","tag-jll","tag-long-wharf-capital","tag-turnbridge-equities"],"acf":[],"yoast_head":"\nHines Pays $127M for New Jersey Industrial Portfolio - CPE<\/title>\n<meta name=\"description\" content=\"Hines acquired Newark Distribution Center in Newark, N.J. 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