Tulfra Real Estate and County Of Passaic Complete $4.14 Million Deal At 930 Riverview Drive, Totowa
County purchases 27,000 sf space to be used for senior, disabled and veterans services
Totowa, NJ, February 22, 2017 — Tulfra Real Estate has closed on the sale of a 27,000-square-foot office condominium at 930 Riverview Drive, announced Sonny Jumani, president and managing member. The unit was acquired by Passaic County, a longtime tenant of the mixed-use building.
The transaction, valued at $4.14 million, closed on December 27, 2016.
930 Riverview Drive is a 225,000-square-foot, Class A mixed-use property, known as Totowa Business Center and is owned by Tulfra Real Estate, a Rochelle Park, NJ-based real estate investment and development company. Tom Consiglio and Greg Sabato of Resource Realty were the brokers on the transaction.
The County of Passaic uses the space for its Departments of Senior Services, Disability, and Veterans Affairs. Services provided include adult day care, paratransit vehicles, nutrition services such as Meals-on-Wheels meal delivery for homebound residents, support for independent living, and care management.
Other tenants in the building include Emergence Church, which operates a day care center as well as a sanctuary, RDD Associates Food Brokers and ADT Security Service. ADT recently announced a 10-year lease extension.
“The purchase makes perfect sense for the County of Passaic,” said Jumani. “Owning their space vs. leasing translates into significant cost savings for the County and its taxpayers. In addition, it shows their long-term commitment to provide these crucial services to county residents.”
930 Riverview Drive was originally built in 1962 and redeveloped in 1998. Tulfra Real Estate acquired the property in 2015. It sits on 17.38 acres at the intersection of Interstate 80 and Routes 46 and 23, just 17 miles from New York City.
The site also includes a 114,350-square-foot self-storage facility being developed in partnership with The Hampshire Companies, a real estate investment firm located in Morristown, NJ. The project is currently under construction and will feature 1,500 units, year-round climate control and state-of-the-art security. The property also has 800 parking spaces.
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.