14B — October 13 - 26, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Borny &Cruz of HFF brokers 62,000 s/f sale totaling $7.8 million in the Fairfield Submarket Sobel of SillsCummis&GrossP.C. representsTulfra Real Estate in acquisition of 6.5-acre property C lifton and Nut- ley, NJ — Tulfra Real Estate announced cessfully obtained the land use for the ownership.
Jumani . “This makes it the perfect location for a self-stor- age facility, which will serve both commercial and residen- tial 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 neighbor- hoods in the United States, with 22,179 residents per square mile. “That density bodes well for self-storage,” Jumani adds. The acquisition of 10 King- sland St. is just another ex-
ample of a highly-anticipated Tulfra redevelopment project in the area following the success of 65 Industrial St. South, a 200,000 s/f industrial building in Clifton, now fully leased to a nationwide bakery. Tulfra is also currently redeveloping Park 11, the former Roche Di- agnostics property, a 500,000 s/f mixed-use project in Bel- leville. “Transforming vacant and non-performing properties into vibrant, productive environ- ments 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.” West Caldwell, NJ — Tulfra Real Estate announced that 8 Fairfield Crescent, aful- ly-leased, 62,200 s/f industrial/ distribution building in the Fairfield Submarket, has been sold to Cabot Properties, Inc. of Boston. Cabot Properties acquired the property for $7.8 million. Robert Borny and Jose Cruz of Holliday Fenoglio Fowler (HFF) were the brokers on the transaction. The building is 100% leased through 2021 by two compa- nies, Regi U.S., Inc. and Inline Distributing Company. Regi U.S., Inc., an Italian-based cos- metics manufacturer, selected 8 Fairfield Crescent as its first U.S. office and as a distribu- tion center. Tulfra Real Estate secured these long-term leases in 2015. Built in 1975, 8 Fairfield Crescent was fully renovated by Tulfra in 2014. The building includes a total of 10,000 s/f of office space and 52,200 s/f of warehouse space. Located in West Caldwell, NJ, the building is within a one-hour drive to NYC and other metropolitan areas with access to a concentrated con- sumer base of more than 30 million people. Local and in- terstate highways allow access to one-third of North America’s population within one day’s drive time. It is easily acces- sible from New Jersey’s most traveled highways, including Interstates 80 and 280, and is a short drive from the Essex County Airport and Newark Liberty International Airport. Sonny Jumani, said the com- pany specifically targets the northern NJ market for acqui- sition opportunities since there is considerable market growth in the distribution industry. “The area has grown into a corridor of commerce along the east coast. It is considered one of the most attractive distribu- tion markets in the continental U.S. because of its access to key shipping points, including the Elizabeth Marine Terminal, one of the most active ports in the United States. The location is one of the main reasons we purchased the asset. “Tulfra’s large resources coupled with its ability to close quickly, enable us to take ad- vantage of unique opportunities in the marketplace.” n
10 Kingsland St. is located a half-mile from the Passaic Riv- er and 1,000 feet from the Rte. 3 corridor which runs through Clifton. This well-known and heavily-trafficked thoroughfare is a destination for thousands of shoppers every day, home to many stores, restaurants and recreational attractions. “This property is situated right in between Rte. 3’s bus- tling retail and recreational attractions and a high-density residential neighborhood,” said Tulfra Real Estate president and managing member Sonny
that it has acquired 10 K i n g s l a n d St., a 6.5-acre property lo- cated behind t he Rt e . 3 Ea s t b o u n d cor r i dor in Clifton and
Sonny Jumani
Nutley. The property had been vacant for more than a decade. Tulfra Real Estate was repre- sented by Jason Sobel of Sills Cummis & Gross P.C . Chis Richter of Avison Young suc-
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