PARSIPPANY, NJ—A joint venture of Harbor Group International LLC, a privately-owned international real estate investment and management firm, and Turnbridge Equities, a vertically integrated real estate investment and development firm, and their affiliates, have sold 100 Jefferson Rd., an industrial property located in Parsippany, NJ, for $85.25 million.
The 550,000-square-foot property was acquired by HGI and Turnbridge in October of 2018 from PNY Technologies, the primary tenant of the property for $60.3 million.
"HGI acquired 100 Jefferson as part of our Last Mile Industrial initiative, targeting industrial properties with direct access to key urban markets," says T. Richard Litton, Jr., President of HGI, in a prepared release. "We successfully implemented a $4.2 million capital improvement plan and executed our leasing strategy, adding significant value to the property."
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100 Jefferson is occupied primarily by PNY Technologies and Vitaquest.
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