PARSIPPANY, N.J., June 6, 2016 /PRNewswire/ -- Tulfra Real Estate (www.tulfra.com) has sold 2 Cranberry Road, a 181,000-square-foot industrial building in Parsippany, New Jersey for $17.5 million, announced Sonny Jumani, President of the Rochelle Park, NJ-based firm. Tulfra Real Estate and partner The Hampshire Companies were represented in the transaction by the CBRE brokerage team of Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander. Igor Derbaremdiker represented The Hampshire Companies.
"This sale represents an example of our value-add strategy of repositioning well-located assets," said Jumani. "Following our acquisition of this asset, we embarked on a $2.1 million renovation, the result of which was a 100% lease-up."
The extensive renovation included upgrades to the façade, parking lot resurfacing, addition of loading docks and building system improvements. Heightened market demand subsequently resulted in the lease-up of the improved facility.
Altogether, nine new tenants were brought on-board. The lease effort was completed earlier this year with the signing of Aphena Pharma Solutions Inc.; Applechem Inc., a cosmetic ingredient supplier; and the Germany-based IWK Packaging Systems Inc. The range of tenants utilize the space for warehousing, R&D, and production.
Located near the intersection of I-80 and I-287, 2 Cranberry Road is situated within Fox Hill Industrial Park. Routes 46 and 202 are also nearby.
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development.
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SOURCE Tulfra Real Estate