Tulfra Real Estate Sells Commercial Condominium for $7.325 Million

A 37,000 square foot commercial condominium on 5.5 acres in Morris County recently changed hands.

Tulfra Real Estate has announced the sale of 60 S. Jefferson Road in Whippany for $7.325 million. According to the company, Progress Realty Partners of Tinton Falls bought the property, with a team from the Saddle Brook office of Marcus & Millichap – along with Alan Cafiero and Mark Gjonbalaj – acting as buying brokers on the sale.

The seller’s lender is Leo Faresich of ConnectOne Bank in Englewood Cliffs.

Since its acquisition in 2014, the property has been fully occupied, according to Tulfra President and CEO Sonny Jumani. “Our mission is to bring value to underutilized properties that have tremendous potential to improve their communities and generate revenue for the municipalities in which they are located,” he said in a statement. “Closing this sale is proof that reinvestment in promising real estate is a win for municipalities, businesses and communities.

60 S. Jefferson Road in Whippany. – TULFRA REAL ESTATE

Tulfra has invested in interior renovations to support the property’s long-term tenants, particularly those in the light industrial and tech space, according to Jumani.

Inside, 60 S. Jefferson Road also received upgrades to its electrical, lighting, and restrooms. On the exterior, new entrances, architectural glass, loading doors and landscaping were added; the parking lot was also repaved.

The property’s current tenants include Spectrum360, Desktop Metal, Area Wide Protective (AWP), Langan Engineering and Multivac, Tulfra said.

Spectrum360, a therapeutic rehabilitation program for people with special needs, signed a 10-year lease for 15,598 square feet on the property last year. Meanwhile, Desktop Metal – a publicly traded startup specializing in 3D printing – also signed a lease in 2021, covering 7,571 square feet for five years.

“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.”

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