CBRE Group, Inc. announced today that Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Steve Sander of CBRE’s Saddle Brook office represented Tulfra Real Estate and The Hampshire Companies in the $17.5 million sale of 2 Cranberry Road in Parsippany, New Jersey.
The sale was comprised of a 180,411-square-foot industrial building that is 100% leased to a range of tenants utilizing space for warehouse, light industrial, research & development, and production. The property benefits from its recent $2.1 million renovation in 2013-2014 that included replacement of the parking lot, addition of loading docks, upgrades to the façade, utility and other plumbing improvements, enabling the divisibility to 10,000 to 20,000-square-foot units. Market demand was quickly proven with 9 new tenants signing leases at the property since its repositioning was completed in 2014.
2 Cranberry Road is located within Fox Hill Industrial Park providing a critical mass of light industrial and research & development uses. Situated just 1.5 miles from the I-80/I-287 interchange and highly proximate to Routes 46 and 202, the property has superior accessibility from anywhere in the New York Metropolitan Area. The Property’s location within Morris County, the 10th wealthiest county in the US, affords exposure to a highly educated labor pool required for R&D, technology, and other uses demanded in the market.
Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies commented: “Premium pricing for this asset played a pivotal role in Hampshire’s decision to monetize the investment at this time. Considering the complexity of the deal structure, and months of negotiations with a particular private buyer group, we have successfully transacted and delivered tremendous results, achieving superior investment return on committed capital for our investors.”
Mr. Welsh commented: “The sale of 2 Cranberry Road highlights Tulfra and Hampshire’s completion of a successful repositioning and execution of its value enhancement strategy. 2 Cranberry’s new positioning as a premier multi-tenanted industrial asset will bode well for its long-term value.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: High Ridge Logistics Center a 61.1 acre development site at Exit 7A; 39 Robinson, a 73,373-square-foot industrial building in Lodi, New Jersey; and 15 Vreeland Road, a 133,090-square-foot office and R&D building that is 91% leased in Florham Park, New Jersey.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
