Tulfra Real Estate and The Hampshire Companies Announce Lease on 204,000 SF Meadowlands Industrial Building
65 Industrial Street South in Clifton, NJ, fully leased for 15-year term
Clifton, NJ, July 29, 2017 – In one of the largest industrial transactions in the North Jersey market in 2017, Tulfra Real Estate and The Hampshire Companies announced that 65 Industrial Street South, a 204,000 square foot industrial/warehouse building in Clifton, New Jersey has been fully leased to a New York-based bakery.
The former GlaxoSmithKline building had recently undergone a major $10 million upgrade and renovation after Tulfra Real Estate, the Rochelle Park, NJ-based industrial real estate management and development company teamed up with Morristown, NJ-based Hampshire Companies to acquire the building in 2015. The partners, which have a decades-long relationship and have combined to develop more than three million square feet, launched a major repositioning of the former manufacturing plant for single-tenant use.
“This is an outstanding success story,” says Sonny Jumani, president and partner of Tulfra Real Estate. “It is a testament to our team’s vision and talent. We knew that there was a huge demand for industrial space in the Meadowlands area. The fundamentals are very strong and very few large blocks of space were available. When we acquired the building, the building was old, empty and nonperforming. We designed and executed a plan to make significant improvements to meet the demands of a large food tenant.”
Those changes included a major project to ‘raise the roof’ to 27’ to exceed manufacturing and storage requirements, changing the exterior skin, installing new power, electrical and mechanical system, T5 lighting, sprinklers and more.
In recognition of the improvements, The City of Clifton recently awarded 65 Industrial Street South with a “Commercial Beautification Award,” the highest honor for architecture and development.
“Tulfra has become synonymous with redevelopment,” adds Jumani. “This successful property transformation brings lots of jobs and revenue back to the city. We are proud of our accomplishment.”
Ownership was represented by Chris Hile, Jenna Imperatore and Harold Imperatore of Jones Lang LaSalle.
Mitchell Berkey of CSG Law represented the ownership on the lease agreement.
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
About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.3 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com