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CBRE Group Inc. announced today that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE’s Institutional Properties along with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners, as well as Bill Waxman of CBRE’s Saddle Brook office, represented Tulfra Realty II, LLC in the $27.3 million sale of 10 Clifton Boulevard, which closed in September 2014. In addition, the combined team closed the sale of 200 Clifton Boulevard in January 2015. Both properties are located in Clifton, New Jersey (collectively referred to as the “Portfolio”). The team was also responsible for procuring the buyer, J & L Real Properties, LLC, which was a first time buyer in New Jersey.

The Portfolio is comprised of two multi-tenant industrial buildings totaling 288,469 square feet (10 Clifton – 144,005 sq. ft. and 200 Clifton – 144,464 sq. ft.) which were redeveloped by Tulfra in 2004. The extensive capital improvement program was highlighted by new roofs, HVAC, loading, façade, extensive site work and landscaping. The redevelopment strategy focused on creating attractive curb appeal along with flexibility and functionality of the buildings to target 5,000 to 25,000-sq.-ft. tenants.

This strategy resulted in the lease-up from 15% to 100% occupancy in approximately 12 months to a diverse group of tenants that have heavily invested in their infrastructure and benefit from excellent access to a deep low cost labor base. The Portfolio provides stable and secure cash flow with a balanced rollover schedule and contractual rental increases providing increasing yield over the hold period.

Sonny Jumani, President at Tulfra Realty, commented: “This asset performed very well for us over our 10-year hold period. We strongly believe in the NJ industrial fundamentals and saw this as an opportunity to redeploy the capital into our value add business and  recently acquired 65 Industrial Street South, the former Glaxo building in Clifton, NJ. Situated on 11 acres the single-story headquarters-quality industrial building totals 201,000 square feet.  We will be marketing the property for lease or sale to a single tenant and anticipate a great deal of interest in this offering.”

Mr. Welsh commented: “The sale of 10 & 200 Clifton to a private investment group from the West Coast is a prime example of private capital searching for yield and broadening their investment parameters. J & L Real Properties was highly attracted by New Jersey’s strong industrial fundamentals and the returns provided by this asset class.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.

CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 131 Morristown Road a 212,000-sq.-ft. office building in Basking Ridge, NJ which is 100% leased; Morris Corporate Center 4, a 345,218-sq.-ft. modern generation office property in Parsippany, NJ; 225 Brae Boulevard, a 222,000-sq.-ft. office property formerly the Hertz World HQ in Park Ridge, NJ; One Sony Drive, a 220,000-sq.-ft. office building in Park Ridge, NJ; and 185 & 201 Tabor Road, a 66-acre office campus with redevelopment potential in Morris Plains, NJ.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at

01/12/2015 - 15:32



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