Tulfra Real Estate Completes Sale of 115,000-Square-Foot Industrial Building
Well-located Central New Jersey asset was “Tulferized” during 12 years of ownership
Linden, NJ, May 16, 2016 – Tulfra Real Estate has closed on the sale 1501 West Blancke Street, a 115,000-square-foot industrial building in Linden, announced Sonny Jumani, president and partner of the Rochelle Park, NJ-based firm. The property was acquired by Penwood Real Estate Investment Management LLC and the transaction was arranged by Jordan Metz of Bussel Realty.
The well-located building, originally constructed in 1973, had been acquired by Tulfra in 2004. “During our ownership, the property was ‘Tulferized,’ a term we use to indicate that significant improvements and renovations were made,” said Jumani. “We saw this sale as an opportunity to redeploy the proceeds by investing in other assets.
“We would like to commend Howard Freeman, managing director at Penwood—he was extremely professional in this well-executed transaction, which was completed in good faith,” said Jumani.
“This investment represents a unique opportunity to acquire a highly functional, existing building in a high-barrier-to-entry submarket in New Jersey,” said Freeman, who heads the New Jersey office for the Hartford, CT-based Penwood, a principal-owned firm focused on managing value-added real estate investments for the institutional marketplace.
“As demonstrated by the strong historical occupancy levels at the property, we expect to generate consistent ongoing demand from a wide range of users seeking the combination of a central location and proven building functionality,” said Karen Nista, managing director and head of asset management at Penwood.
Situated on 4.66 acres, 1501 West Blancke Street features 5,000 square feet of office space, 14-foot clear ceiling heights, and 113 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals, serving as the international company’s personal care distribution center, and by food distributor Hello Fresh.
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.