Tulfra Real Estate and Hampshire Companies Acquire Former Roche Diagnostics Property in Belleville, New Jersey for Redevelopment
Rochelle Park, NJ, October 19, 2015 – Tulfra Real Estate has completed its acquisition of the former Roche Diagnostics property in Belleville, New Jersey. The Rochelle Park, NJ-based industrial real estate and management company has teamed up with Morristown, NJ-based Hampshire Companies to acquire the 20-acre parcel at Franklin Avenue and Mill Street. The partners, which have a decades-long relationship and have combined to develop more than three million square feet, intend to redevelop the strategically located site and are in the process of considering redevelopment options and plans for the property.
The Township of Belleville has conditionally designated Tulfra as the redeveloper of the site under the State’s redevelopment laws. “We are extremely pleased and honored that The Township of Belleville has selected us to be the redeveloper, and now that we own the site, we are looking forward to finalizing the details of that relationship and to a great working relationship with the Township ” says Sonny Jumani, president and partner of Tulfra Real Estate.
“Belleville and Roche have been invaluable in making this transaction possible. Both saw the benefits of adding Tulfra and Hampshire’s team to the project.
“We are looking at a number of uses for the property, and we will work closely with the Township of Belleville to redevelop the site into an attractive, productive project that everyone will be proud of. Our goal is to bring significant jobs and ratables into the community,” Jumani adds.
“Belleville is just 11 miles west of Manhattan, near the region’s other major business districts and offers a deep labor pool, and is located close to all the major New Jersey arteries including Routes 21, 3, 17 and I-95/NJ Turnpike so the opportunities are endless,” he says.
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.