The Hampshire Companies, a full-service, private real estate investment firm with assets valued at over $2.5 billion, has announced the combined sale of 202,652 square feet of industrial space located at 2 Cranberry Road in Parsippany, N.J. The fully-leased property operated as an industrial condominium with Hampshire owning the first floor and Tulfra owning the second floor. The private buyers purchased both floors simultaneously.
The two-story industrial property is located on 10.11-acres in Parsippany, just 1.5-miles from the crossroads of I-80 and I-287, with additional access points from I-280 and Routes 10, 46 and 202. The prime location matched with the capital improvements which were made in 2013-2014 create a strong market position, attracting nine new tenants and bringing the occupancy to 100%.
“A premium pricing for this asset played a pivotal role in Hampshire’s decision to monetize the investment at this time,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “Considering the complexity of the deal structure and months of negotiations with a particular private buyer group, we have successfully transacted and delivered tremendous results, achieving superior investment return on committed capital for our investors.”
2 Cranberry Road boasts 22’ ceiling heights on its first floor with 20 loading docks, four drive-ins, 30’ x 30’ column spacing, two hydraulic elevators, a wet sprinkler system and an energy efficient T-8 lighting system. The property has great curb appeal with a concrete panel façade and an attractively landscaped campus with parking for 362 cars. The property is located within the Fox Hill Industrial Park within Morris County which offers access to a premier labor base that many of the tenants specialize in including research and development and technology.
“Our ability to forecast a market need, identify an underutilized property in a prime location, implement a plan to resurrect the asset and market it effectively to tenants through a creative investment strategy exemplifies how we see real estate through a different lens,” added Derbaremdiker.
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm with assets valued at more than $2.5 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
R&J Strategic Communications