Tulfra Real Estate Completes $5M Sale of 27,000 Sq. Ft. Space at 930 Riverview Drive, Totowa, NJ
Private investor to acquire industrial condominium in Totowa Business Center
TOTOWA, N.J. April 3, 2018 – Tulfra Real Estate, a Rochelle Park, NJ-based real estate investment, management and development company, announced today that it has closed on the sale of a 27,000 square-foot industrial condominium to a private investor at the Totowa Business Center, a two-story, 225,000 square-foot mixed-use property in Totowa, New Jersey.
The property, located at 930 Riverside Drive was acquired for $185/psf. Kevin Welsh and Brian Schulz of Newmark Knight Frank were the brokers on the transaction.
The industrial condominium is currently occupied by Tyco Integrated Security, formerly ADT Business Solutions, an international firm which supplies solutions to protect companies from security threats such as burglary and fire. Tyco recently signed a 10-year lease extension through 2030.
“The complex continues to attract investors in both the public and private sectors for a myriad of reasons; it is an outstanding Class A property in a spectacular location. A long-term quality tenant in a recently-renovated property is a recipe for success,” said Sonny Jumani, President and CEO of Tulfra Real Estate.
Built in 1962 and redeveloped in 1998,Tulfra acquired the property from a New York investment group in 2015. Since then, the company has completed more than $5 million in upgrades to the facility, including redeveloping the front of the property into a 85,000-square-foot, 1,500-unit self-storage facility with its joint venture partner, The Hampshire Companies. The self-storage facility was recently sold to a public company for $19.5 million ($230/psf).
“Our acquisition and renovation of the Totowa Business Center is a perfect example of how we purchase and reposition undervalued properties,” Jumani said. “Our capital improvement programs increase value for our ownership, investment partners, tenants and municipalities.”
According to Jumani, a unit totaling 18,000 square-feet is available. Other tenants include the County of Passaic, which acquired a 27,000 sq. ft. office in December 2016 to house its Departments of Senior Services, Disability, and Veterans Affairs; Emergence Church, which operates a day care center as well as a sanctuary; and RDD Associates Food Brokers.
Just 17 miles outside of New York City, the 17.38-acre property is located at the intersection of I-80 and Routes 46 and 23.
For more information, visit www.tulfra.com
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.