PARSIPPANY, NJ (July 25, 2016) - Tulfra Real Estate has sold an industrial building in Parsippany for $17.5 million, according to Sonny Jumani, president of the Rochelle Park-based firm. Tulfra 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 also represented Hampshire. The sale of the 181,000 square-foot property within the Fox Hill Industrial Park "represents an example of our value-add strategy of repositioning well-located assets," Jumani said in a prepared statement. "Following our acquistion of this asset, we embarked on a $2.1 million renovation, the result of which was a 100 percent lease-up." The renovations at 2 Cranberry Road include upgrades to its facade, a resurfaced parking lot, the addition of more loading docks and building system improvements.
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