Tulfra Real Estate Announces Acquisition of 10 Kingsland Street, Nutley, New Jersey
The vacant 6.5-acre property will be home to a 125,000 s/f self-storage facility
Nutley, N.J. September 18, 2017 — Tulfra Real Estate, a Rochelle Park, NJ-based industrial real estate management and development company announced that it has acquired 10 Kingsland Street, a 6.5-acre property located behind the Route 3 Eastbound corridor in Clifton and Nutley, New Jersey. The property had been vacant for more than a decade.
Tulfra Real Estate was represented by Jason Sobel of Sills Cummis & Gross P.C., Newark, N.J. Chis Richter of Avison Young successfully obtained the land use for the ownership.
The property was acquired from a out-of-state corporation.
10 Kingsland Street is located a half-mile from the Passaic River and 1,000 feet from the Route 3 corridor which runs through Clifton, N.J. This well-known and heavily-trafficked thoroughfare is a destination for thousands of shoppers every day, home to many stores, restaurants and recreational attractions. Development on 10 Kingsland Road would be located in a prime, easily accessible area, joining retail powerhouses such as AMC Clifton Commons 16 movie theatre, Kohl’s and Barnes & Noble.
“This property is situated right in between Route 3’s bustling retail and recreational attractions and a high-density residential neighborhood,” said Tulfra Real Estate president and managing member Sonny Jumani. “This makes it the perfect location for a self-storage facility, which will serve both commercial and residential tenants, alike.”
Jumani added that over 250,000 people reside within 3-miles from the site including Passaic, which is one of the largest municipalities in New Jersey and one of the most densely-populated neighborhoods in the United States, with 22,179 residents per square mile.
“That density bodes well for self-storage,” Jumani adds.
The acquisition of 10 Kingsland Street is just another example of a highly-anticipated Tulfra redevelopment project in the area following the success of 65 Industrial Street South, a 200,000-square-foot industrial building in Clifton, now fully leased to a nationwide bakery. Tulfra is also currently redeveloping Park 11, the former Roche Diagnostics property, a 500,000-square-foot mixed-use project in Belleville, New Jersey.
“Transforming vacant and non-performing properties into vibrant, productive environments are a tremendous asset for the community and the people who live there,” Jumani said. “They beautify the area, generate jobs and increase tax revenues. We are proud to be a part of such a transformation.”
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.