M id A tlantic Real Estate Journal — Northern New Jersey — March 18 - April 21, 2022 — 7B N orthern NJ
www.marej.com
Progress Realty Partners purchases 37,000 s/f building Tulfra Real Estate announces sale of six commercial condo. units in Whippany, NJ
the sale of 60 South Je f - ferson Rd. in Wh i ppany , a 5.5-acre , 37,000-plus s/f commer- c i a l c o n - d o m i n i um building. W
that specializes in the 3D printing industry; Area Wide Protective (AWP); Langan Engineering; and Multivac, an internationally renowned food packaging company. Spectrum360 entered into a 10-year lease agreement for 15,598 s/f in 2021, while Desktop Metal entered into a 5-year lease agreement for 7,571 s/f in the same year. Situated minutes from large municipalities like Parsip- pany and Morristown, the “pharma corridor” attracts tens of thousands of commut- ers and visitors to Whippany
each day. This prime location — closely situated near major thoroughfares like I-287 and Rte. 24 and major transporta- tion hubs like Newark Liberty International Airport, and within driving distance of New York City — made 60 South Jefferson Rd. an ideal place for companies to establish their businesses. “60 South Jefferson has proven to be a very successful investment for our company,” said Jumani. “We work tirelessly to identify these underperforming assets and maximize value for our owners and partners.” MAREJ
HIPPANY, NJ — Tulfra Real Es- tate announced
Sonny Jumani
The sale price on the prop- erty was $7.325 million. The buyer is Progress Realty Partners , of Tinton Falls. Procuring brokers of the sale were Alan Cafiero and Mark Gjonbalaj of Marcus & Mil- lichap , Saddle Brook. The seller’s lender is Leo Fare- sich of ConnectOne Bank , Englewood Cliffs. At the time of acquisition in 2014, 60 South Jefferson Rd. was not fully occupied. In the years since, the property has been brought to full oc- cupancy, according to Tulfra president and CEO Sonny Jumani . “Our mission is to bring value to underuti- lized properties that show tremendous potential to en- hance their communities and produce income for the mu- nicipalities in which they’re located,” Jumani said. “The closing of this sale is proof that investing back into promising real estate is a win for mu- nicipalities, companies, and communities alike.” Jumani said that Tulfra in- vested in interior renovations to support the needs of long- term tenants, and particularly to cater to tenants in the light industrial/tech space. Upgrades to electric, in- stalling new lighting, and building new lavatories were among the interior upgrades made to the property. Invest- ments were also made into exterior upgrades, including new entryways, architec- tural glass, and loading doors; parking lot repaving; and new landscaping. “We set out to attract high-quality, long-term tenants once we acquired 60 South Jefferson Rd. in 2014, and we did so by retrofitting the property to accommodate each tenant’s needs,” Jumani said. Among the current tenants are Spectrum360, a thera- peutic rehabilitation pro- gram for those with special needs; Desktop Metal, a lead- ing publicly traded startup
60 South Jefferson Road in Whippany
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