Tulfra Real Estate Signs Three Tenants to Complete Lease-up of Parsippany Facility
Trio of New Tenants Sign on for a Combined 59,500 Square Feet
Parsippany, NJ, January 14, 2016 – With the signing of a trio of industrial leases, 2 Cranberry Road in Parsippany is now 100% leased, reports Sonny Jumani, president and partner of Tulfra Real Estate, a Rochelle Park, NJ-based real estate development and management firm. The Tulfra-owned 99,000-square-foot facility is situated just off I-80 near the junction of I-287 in Northern New Jersey’s Morris County.
The combined total of the three transactions is 59,500 square feet, according to Jumani. In the largest of the three, Aphena Pharma Solutions, Inc., represented by Matt Turse and Timothy Cadigan of Avison Young, has leased 27,500 square feet. The company, which provides packaging and manufacturing services for the pharmaceutical industry, will relocate to 2 Cranberry Road from its current location in Whippany, NJ. The company maintains three other locations nationally.
Also, Applechem, Inc. has leased 18,000 square feet at 2 Cranberry Road. The company, a functional cosmetic ingredient supplier that conducts R&D and manufactures base materials and personal care products for beauty suppliers, was represented by Mitch Roman of American Properties Realty. The company is expanding from its current location in Fairfield, NJ.
Another tenant, IWK Packaging Systems, Inc., based in Germany, has leased 14,000 square feet. The company, which provides vacuum packaging for the food industry, was represented by Mitch Katz of Newmark Grubb Knight Frank.”
“Once again, location was key,” said Jumani. “The location near the junction of I-80 and I-287 is prime for product distribution.”
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development.