Tulfra Real Estate Completes Conversion of Industrial/Flex Building108,000-square-foot New Providence, NJ asset has just one 8,000-square-foot condo unit available
New Providence, NJ, April 05, 2016 –The older industrial buildings lining Central Avenue in New Providence have followed a progression of conversion to technology, medical, recreational and educational uses, and a prime example is the New Providence Commerce Center at 705 Central Ave. Tulfra Real Estate acquired the 108,000-square-foot industrial/flex building from the Borough of New Providence in 2007 as part of a partnership, and launched an immediate renovation and re-positioning of the rental property as a business condominium. The result is that the building now has just one 8,000-square-foot unit still available for sale on the five-acre property.
“The building was half-occupied by the Summit Speech School, and half-occupied by FRC Electrical Industries,” said Sonny Jumani, partner and president of the Rochelle Park, NJ-based Tulfra Real Estate. “It was ideal for mixed-use and recreation, and as part of the repositioning, the industrial tenant was downsized to 10,000 square feet, and 26,000 square feet was then sold to Indigo Gymnastic Academy. We are currently marketing the one 8,000-square-foot unit that remains available, and are seeing considerable interest.”
According to Jumani, the successful conversion of 705 Central Avenue is part of a “larger story.” The company has also completed the repositioning of the adjacent 63,000-square-foot 755 Central Avenue, for technology, educational and business use. Originally constructed in 1961, it was fully renovated in 2012.
“It was an older manufacturing building acquired in 2009,” said Jumani. “It is now a mixed-use facility occupied by Sproutlings Child Care; the New Jersey Film School; BioRepository Resources, a medical technology firm; and the headquarters for East Coast Ship Supply, a logistics company.
“The impact of these projects has been significant on the visual and economic elements of the commercial district of New Providence,” he said. “Both 705 and 755 Central Avenue are prime examples of our focus on acquiring, repositioning and bringing new life to existing properties.”
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.