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  • Tulfra Real Estate Sells Industrial Building in Parsippany for $17.5 million

Tulfra Real Estate Sells Industrial Building in Parsippany for $17.5 million

July 25, 2016
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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.

 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue).  The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

 

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