100 Jefferson Road in Parsippany — Courtesy: Turnbridge Equities
By Joshua Burd
Brooklyn-based Madison Properties had added to its New Jersey portfolio with the purchase of more than 550,000 square feet of industrial space in Parsippany.
The investment firm reportedly purchased the property, 100 Jefferson Road, for $115.5 million, according to a post by Traded NJ. The previous owner is listed as an affiliate of Brooklyn-based Hampshire Properties, which purchased the building in 2020 from Turnbridge Equities and Harbor Group International LLC, in a deal valued at more than $85 million.
Kassin Sabbagh Realty’s Jack Zalta brokered the most recent sale. For Madison Properties, the 553,436-square-foot, multitenant facility is the latest addition to a New Jersey portfolio that also includes East Brunswick’s Two Tower Center, plus additional office, industrial and retail assets throughout the state.
The property is also recently renovated thanks to a $4 million project by Turnbridge and Harbor Group, which demolished a former Pfizer lab space, overhauled its HVAC systems and made other enhancements. The building is now fully leased to three tenants, according to a LinkedIn post by Madison Properties’ Nathan Zieg.
Turnbridge, Harbor Group sell Parsippany industrial building for $85 million