Tulfra Real Estate and Hampshire Companies To Build 114,350-Square-Foot Self-Storage Facility
Long-time partners team up on North Jersey conversion project
Totowa, NJ, February 04, 2016 – Tulfra Real Estate acquired the 225,000-square-foot mixed-use property at 930 North Riverview Drive in Totowa a year ago and promptly rolled out a program of $5 million of upgrades. Those upgrades now include the conversion of a 114,350-square-foot portion of the property into a self-storage facility, a project that will be done as a joint venture with Hampshire Companies, an alliance between two well-known real estate organizations, announced Sonny Jumani, partner and president of the Rochelle Park, NJ-based Tulfra Real Estate.
“We have been joint venture partners with Hampshire for decades, teaming up to develop more than three million square feet of commercial real estate,” said Jumani. “The combined goal of our companies has always been to focus on under-utilized sites, converting them to the best possible use for their communities and our investors.”
Based in Morristown, NJ, Hampshire has more than 50 years of cycle-tested experience, evolving from a regional developer into a national brand with approximately $1 billion of assets under management. Tulfra and Hampshire are also currently joint venturing redevelopment of the 20-acre former Roche Diagnostics property in Belleville, NJ, with options and plans for the well-located property now under consideration.
The partnership on the Totowa project involves the self-storage portion only. A national brand, yet to be announced, will be the managers of the facility. There will be approximately 1500 storage units available in various sizes.
930 North Riverview Drive “is a hybrid building housing existing tenants Tyco, RDD and Passaic County, situated on a highly traveled route with its own traffic light,” said Jumani. “This site and its high accessibility at the intersection of I-80 and Routes 46 and 23 just 17 miles west of Manhattan makes it an ideal location for a self-storage facility. We are pleased to once again be able to team with Hampshire.”
The facility was originally constructed in 1962 and underwent redevelopment in 1998. 930 North Riverview Drive’s self-storage component will offer 1,500 units in various sizes, and features include state-of-the-art security and year-round climate control. The 17.38-acre site provides nearly 850 parking spaces.
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.