Updated Sep 11, 2026
Hines Acquires Industrial Property In Newark For $127.5M
397-447 Ferry Street
$128,000,000
$179/SF
Building Size
714,936 SF
Asset Type
Industrial
Closing
Dec 22, 2022
About this deal
AI
Hines has acquired an industrial property located at 397-447 Ferry Street in Newark. The property spans 738,000 square feet and was sold by Turnbridge for a total price of $127,500,000, resulting in a price per square foot of $172.8.
Summary of transaction details
- Property Type: Industrial
- Sale Price: $127,500,000
- Square Feet: 738,000
- Price Per Square Foot: $172.8
- Address: 397-447 Ferry Street, Newark
The deal was brokered by JLL, with Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Andrew Scandalios, and Nick Stefans representing both the buyer, Hines, and the seller, Turnbridge. Joseph Lembo from JLL served as the analyst in the transaction.
On the Map
$128,000,000
$179/SF
Industrial
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Players
Newark Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93