PARSIPPANY, NJ–Tulfra Real Estate and the Hampshire Cos. have sold 2 Cranberry Road, a 181,000-square-foot industrial building in Parsippany, NJ, for $17.5 million.
“This sale represents an example of our value-add strategy of repositioning well-located assets,” says Sonny Jumani, Tulfra's president. “Following our acquisition of this asset, we embarked on a $2.1 million renovation, the result of which was a 100% lease-up.”
Tulfra Real Estate and the Hampshire Cos. were represented in the transaction by the CBRE brokerage team of Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander. Igor Derbaremdiker, director of dispositions, represented the Hampshire Cos. in-house.
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