21 Fadem Road in Springfield — Courtesy: Tulfra Real Estate
By Joshua Burd
A joint venture has sold a Springfield industrial building for $12 million, nearly a decade after acquiring the property and embarking on a series of upgrades that attracted new tenants.
Tulfra Real Estate, which partnered with The Hampshire Cos., announced Tuesday that it had sold the 122,677-square-foot, fully leased building at 21 Fadem Road. Shelbourne Global Solutions, a real estate investment firm based in Brooklyn, was the buyer.
Norman Feinstein, vice chairman of The Hampshire Cos., represented the sellers.
Tulfra and Hampshire, based in Rochelle Park and Morristown, respectively, acquired the 54-year-old building in 2009. The joint venture modernized the property into a desirable industrial and flex space and repositioned it for manufacturing, processing, research and development and other uses.
Their efforts have attracted a wide range of tenants such as Global Shipping Solutions and Gehrlicher Solar America Corp.
“The sale says a lot about the management and expertise of Tulfra and our longstanding partner, Hampshire,” Sonny Jumani, Tulfra’s president and managing member, said in a prepared statement. “We were able to significantly improve the value of the asset and sell it fully leased.”