Tulfra Real Estate Announces Disposition Of 8 Fairfield Crescent In West Caldwell, New Jersey
62,200-square-foot property acquired by Cabot Properties Inc. of Boston
ROCHELLE PARK, N.J., September 22, 2017 — Tulfra Real Estate, a Rochelle Park, NJ-based industrial real estate management and development company announced that 8 Fairfield Crescent, a fully-leased, 62,200-square-foot industrial/distribution building in the Fairfield Submarket, has been sold to Cabot Properties, Inc. of Boston.
Cabot Properties, a private equity real estate investment firm and leading investor, developer and operator of industrial properties throughout North America and the United Kingdom, acquired the property for $7.8 million. Robert Borny and Jose Cruz of Holliday Fenoglio Fowler, Florham Park, N.J. were the brokers on the transaction.
The building is 100% leased through 2021 by two companies, Regi U.S., Inc. and Inline Distributing Company. Regi U.S., Inc., an Italian-based cosmetics manufacturer, selected 8 Fairfield Crescent as its first U.S. office and as a distribution center. Inline Distributing, a 40-year-old national distributor for restoration, remediation, safety and disaster recovery supplies, operates in 13 locations. Tulfra Real Estate secured these long-term leases in 2015.
Built in 1975, 8 Fairfield Crescent was fully renovated by Tulfra in 2014. The building includes a total of 10,000 square feet of office space and 52,200 square feet of warehouse space.
Located in West Caldwell, NJ, the building is within a one-hour drive to New York City and other metropolitan areas with access to a concentrated consumer base of more than 30 million people. Local and interstate highways allow access to one-third of North America’s population within one day’s drive time. It is easily accessible from New Jersey’s most traveled highways, including Interstates 80 and 280, and is a short drive from the Essex County Airport and Newark Liberty International Airport.
Sonny Jumani, president and managing partner of Tulfra, says the company specifically targets the northern New Jersey market for acquisition opportunities since there is considerable market growth in the distribution industry.
“The area has grown into a corridor of commerce along the east coast. It is considered one of the most attractive distribution markets in the continental U.S. because of its access to key shipping points, including the Elizabeth Marine Terminal, one of the most active ports in the United States. The location is one of the main reasons we purchased the asset.
“Tulfra’s large resources coupled with its ability to close quickly, enable us to take advantage of unique opportunities in the marketplace. We turn non-performing or undervalued assets into success stories for real estate owners, managers and municipalities.”
About Tulfra Real Estate
Tulfra Real Estate, a Rochelle Park, N.J.- based real estate and development company has evolved into a major redeveloper for municipalities and corporations throughout New Jersey. Independently and with its institutional partners, Tulfra has owned or developed more than $1 billion in commercial and industrial properties in northern and central New Jersey over four decades. Tulfra has become a leader in helping communities and businesses maximize the development and income potential of their properties. Tulfra works with municipalities to transform underutilized or non-performing assets into successful projects in all asset classes including commercial, hotels, healthcare and residential that bring jobs and tax revenue to the community. It also helps corporations by using its experience and attention to detail in redeveloping properties into sites that meet the demands of 21st-century businesses. Additional information on Tulfra Real estate is available online at www.Tulfra.com.