$10 Million of Upgrades Positions Clifton, NJ Building for E-commerce User
Originally constructed in 1956, the iconic former Glaxo building located at 65 Industrial Street South in Clifton, NJ is now positioned and destined to find new life as a 21st century distribution facility. E-commerce is a driving factor in New Jersey’s – and the nation’s – logistics marketplace, and with that in mind, Tulfra Real Estate and The Hampshire Companies acquired the 204,000-square-foot, Class A property in 2015 and has subsequently completed a $10 million program of state-of-the-art upgrades to the well-located property to position it for e-commerce.
With the building currently available for lease, “we are currently targeting large e-commerce, technology and food service companies,” said Sonny Jumani, president and partner of the Rochelle Park, NJ-based Tulfra Real Estate. “E-commerce demands next-day or same-day delivery service, and location means everything in that context.”
In the case of 65 Industrial Street South, location is indeed key. Situated in the heart of the densely populated New York/New Jersey metropolitan area, the 11-acre property is located within minutes of the New Jersey Turnpike, Garden State Parkway, U.S. Route 3, the Lincoln Tunnel, the George Washington Bridge, and Newark Liberty International Airport in the highly desirable Route 3 corridor market. “It is a prime ‘last mile’ facility in the New York metro area,” said Jumani.
It is also situated in a market featuring a large, skilled labor pool, with public transportation literally right at the door.
With 18 loading docks, 24 cross-dock doors and 200 parking spaces, the property is primed for the timely delivery operations that e-commerce demands. E-commerce also relies heavily on power to meet system demands, and in that regard, 65 Industrial Street South’s infrastructure includes five MW of power, 3,000 amps at 480 watts, and the property is situated less than one mile from a PSE&G substation.
“The $10 million of upgrades included raising the roof to a 27-foot clear height,” said Jumani, who noted that e-commerce also relies on high-bay facilities for maximum efficiency. Other upgrades included “new exterior skin and a full range of contemporary amenities,” he said. “It is a headquarters-quality e-commerce building in every respect.”
The latest upgrades to position the property for e-commerce also include such high-end finishes as a new epoxy warehouse floor and T-5 lighting. It follows an earlier renovation in 2014, with the combined efforts “truly positioning 65 Industrial Street South as a cutting-edge facility,” said Jumani. “It is a tremendous space for its targeted use.”
Other key building features include an ESFR sprinkler system and full fire loop, according to Jumani.
Driven by the time-sensitive and volume requirements of e-commerce, “the New Jersey industrial real estate market continues to be exceptionally strong,” said Jumani. “We saw this acquisition and repositioning as an important opportunity to meet the demands of this marketplace. Ultimately, we design our projects to meet the latest technology requirements of growing companies, based on efficiencies and lower operating costs.
“When we see a property, we see more than ‘square feet’,” he said. “We see the possibilities any given property can present and utilize a full complement of turn-key, best-in-class solutions. 65 Industrial Street South is a text book example and will provide a best-in-class solution to the right e-commerce operation.”
About Tulfra Real Estate
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.
About The Hampshire Companies
The Hampshire Companies, headquartered in Morristown, New Jersey is a privately held, fully integrated real estate firm that has more than 50 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate.