Real Estate Journal — New Jersey — April 13 - 26, 2018 — 15B
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M id A tlantic
N ew J ersey
OTOWA, NJ — Tul- fra Real Estate, a Ro- chelle Park, NJ-based Welsh and Schulz of Newmark Knight Frank broker transaction Tulfra Real Estate completes $5 million sale of 27,000 s/f space at 930 Riverview Drive, Totowa T and municipalities.”
Other tenants include the County of Passaic, which acquired a 27,000 s/f office in December 2016 to house its Departments of Senior Services, Disability, and Vet- erans Affairs; Emergence Church, which operates a day care center as well as a sanctuary; and RDD Associ- ates Food Brokers. Just 17 miles outside of NewYork City, the 17.38-acre property is located at the in- tersection of I-80 and Routes 46 and 23. n
real estate investment, management and develop- ment compa- ny has closed on the sale of a 27,000 s/f industrial condomini-
Sonny Jumani
um to a private investor at the Totowa Business Cen- ter, a two-story, 225,000 s/f mixed-use property in Totowa. The property, located at 930 Riverside Dr. was acquired for $185/psf. Kevin Welsh and Brian Schulz of New- mark Knight Frank were the brokers on the transac- tion. The industrial condomini- um is currently occupied by Tyco Integrated Security, formerly ADT Business Solu- tions, an international firm which supplies solutions to protect companies from secu- rity threats such as burglary and fire. Tyco recently signed a 10-year lease extension through 2030. “The complex continues to attract investors in both the public and private sectors for a myriad of reasons; it is an outstanding class A property in a spectacular location. A long-term quality ten- ant in a recently-renovated property is a recipe for suc- cess,” said Sonny Jumani , president and CEO of Tulfra Real Estate. Built in 1962 and redevel- oped in 1998,Tulfra acquired the property from a NewYork investment group in 2015. Since then, the company has completed more than $5 mil- lion in upgrades to the facil- ity, including redeveloping the front of the property into a 85,000 s/f, 1,500-unit self- storage facility with its joint venture partner, The Hamp- shire Companies. The self- storage facility was recently sold to a public company for $19.5 million ($230/psf). “Our acquisition and reno- vation of the Totowa Business Center is a perfect example of how we purchase and reposi- tion undervalued properties,” Jumani said. “Our capital im- provement programs increase value for our ownership, investment partners, tenants
Totowa Business Center
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