60 South Jefferson Road in Whippany — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has sold a 37,000-square-foot commercial building in Hanover for more than $7 million, completing a value-add plan for a property that it purchased in 2014.
The fully occupied complex, located at 60 South Jefferson Road in the town’s Whippany section, is home to tenants from a mix of industries and boasts a location near Interstate 287 and Route 24. That was a key draw for the buyer, Progress Realty Partners of Tinton Falls, which paid $7.325 million for the property.
Alan Cafiero and Mark Gjonbalaj of Marcus & Millichap brokered the sale, with Leo Faresich of ConnectOne Bank serving as Tulfra’s lender at the site.
“Our mission is to bring value to underutilized properties that show tremendous potential to enhance their communities and produce income for the municipalities in which they’re located,” Tulfra CEO and President Sonny Jumani said. “The closing of this sale is proof that investing back into promising real estate is a win for municipalities, companies, and communities alike.”
After acquiring the property, Tulfra said it invested in interior renovations to support the needs of long-term tenants and to cater to those in the light industrial and technology sector. That work included electrical, lighting and common area upgrades, along with exterior improvements to the façade, loading doors, parking lot and landscaping.
Current tenants include Spectrum360, a therapeutic rehabilitation program for those with special needs, along with 3D printing startup Desktop Metal. The site is also home to Area Wide Protective, Langan and Multivac, an internationally renowned food packaging company.
“60 South Jefferson has proven to be a very successful investment for our company,” Jumani said. “We work tirelessly to identify these underperforming assets and maximize value for our owners and partners.”