F inancial D igest
M id A tlantic Real Estate Journal —December 23, 2022 - January 19, 2023 — 7A
www.marej.com
Includes investments from Pendulum, Cox, Colliers and Lincoln Property Company Saltbox raises $35M in Series B Funding round to support tech-driven logistics enablement A and co-founder of Pendulum, to its Board of Directors.
businesses. “Supporting small-and me- dium-sized businesses as they navigate the challenges of their entire logistics stack, from warehousing, to shipping and more has been our main goal since day one. The next step for Saltbox is to advance our logistics and fulfillment technology while also con- tinuing to expand our physi- cal, human-centric spaces for members,” said Saltbox CEO and co-founder Tyler Scriv- en . “Thanks to the support of Cox, Pendulum and our other investors in this pivotal Series B round, Saltbox will continue to disrupt the logistics and fulfillment space by further investing into our unique of- ferings, whether that be our workspace, fulfillment, or on- demand labor solutions.” Alongside the investment, Saltbox also announces the addition of both Andrew Da- vis , senior vice president of Strategy for Cox Enterprises, and Robbie Robinson , CEO
geographies speaks to the high demand for this differenti- ated bundling of services,” said Robbie Robinson , CEO and co-founder of Pendulum. “I am excited to join Saltbox’s Board of Directors and continue Pen- dulum’s partnership with the team as they establish an infrastructure that supports emerging and fast-growing small-to-medium businesses that power our economy.” In 2022, Saltbox more than doubled its growth, expanding its flexible warehouse network to ten locations, including new co-warehousing locations in Alexandria, Virginia; Duarte, California; Carrollton, Texas; Arden Hills, Minnesota; and a second location in Atlanta’s Upper Westside neighborhood to support its flagship facility. The company also opened its first-ever fulfillment hub in Dublin, OH – a strategic loca- tion in the Columbus, Ohio market that allows members to reach 67% of the total U.S. population via 2-day shipping.
This momentum follows a successful 2021, in which Salt- box expanded its footprint into the Los Angeles area in Tor- rance, as well as Denver, Dal- las-Fort Worth, and Seattle. It also launched fulfillment offer - ings tailored to SMBs. Saltbox closed its Series A round of $10.6 million in March 2021. Later this year, Saltbox plans to open locations in two new cities: Tempe, Arizona and Doral, Florida, with additional plans to open a second Florida location early next year in Tampa, Florida. Of Saltbox’s more than 500 members across its ten co- warehousing locations, more than 70 percent are ecommerce companies that sell physical goods directly to consumers. These SMBs span numerous industries including fashion and apparel, health and beauty, home goods, resale, and tech in the hardware and services sec- tors. Half of Saltbox member businesses are led by women or people of color. MAREJ is a 15-minute drive from the George Washington Bridge, with public transportation along Rte. 17 and Rte. 4. Resi- dents will also have an array of other retail and entertain- ment destinations nearby that include shopping, restaurants, and hotels. When complete in 2024, The Delford will feature one- and two-bedroom homes with high-end finishes, state-of-the- art appliances and a host of modern amenities that include an on-site concierge, loung- ing space, rooftop terrace, co–working offices, a fitness center, swimming pool with a lounging deck and BBQ grills, and covered parking in a two- story garage. The Delford is part of Vil- lage Center of Rochelle Park, a mixed-use development in- cluding 8,000 s/f of retail and a 100,000 s/f self-storage facility, which has since been sold to a self-storage operator. MAREJ
TLANTA, GA — Salt- box, Inc. , the flexible co-warehousing and small business logistics pio- neer, announced a $35 million Series B funding round. The investment was co-led by Atlanta-based and family- owned Cox Enterprises Inc; a leader in the broadband, automotive and media in- dustries, and Pendulum ; a strategic growth investing and advisory platform designed for founders and leaders of color and previous investor in Saltbox. This Series B round brings Saltbox’s total fund- ing to $56 million. The round also included investment from Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flex- port and Overline among others. Funding will support developing Saltbox’s core tech- nology stack powering its end- to-end logistics platform for small and growing ecommerce ROCHELLE PARK, NJ — Tulfra Real Estate has of- ficially broken ground on The Delford, a luxury six-story, 160- unit multifamily development on 120 West Passaic Street in Rochelle Park, New Jersey. JLL Capital Markets , ar- ranged the financing on behalf of Tulfra Real Estate, and was able to secure a $34.8 million construction loan from Provi- dent Bank to begin construc- tion on this luxury residential complex. Robert McKee , VP of commercial real estate, represented Provident Bank. Michael Klein and Jon Mikula , of JLL represented Tulfra on the transaction. “We are grateful to our fi - nancing team,” said Sonny Jumani , president and CEO of Tulfra. “Provident Bank has provided financing for many Tulfra projects over the past 20 years, and we value our relationship highly,” he added. The Delford has been touted
“At Cox, we put focus on supporting our communities and the organizations that help them thrive,” said Ev- elyn Bolden , senior director of Strategy and Investments for Cox Enterprises. “With its mission to power the next generation of entrepreneurs to launch, grow and scale, Saltbox is a great partner to help continue Cox’s mission to contribute to the economic well-being of an increased number of businesses and their employees. Saltbox is com- mitted to helping ecommerce owners get the most out of their business in a community- focused workspace.” “Tyler and the Saltbox team have tapped into a strategic and unique opportunity at the intersection of community and shared services in warehous- ing, inventory management and fulfillment. This is evident in the company’s growth, and its ongoing expansion across
Tulfra secures $34.8M construction loan with Provident Bank for 160-unit luxury apartment community in Rochelle Park
Shown from left: Seth Levy, Sordoni Construction; Michael Klein, Jon Mikula and Ryan Carroll, JLL; Robert McKee, Provident Bank; Sonny Jumani, Tulfra Real Estate; Bert Coelho, Mulhern + Kulp Structural Engineering; Salvatore Frassetto, Tulfra; Daniel Kee, Mulhern + Kulp; Debbie Gregg, Sills Cummis Gross; Adam Alexander, Bohler; Cecilia Lassiter, Sills Cummis Gross; Michael St. Pierre, SESI Consulting Engineers
utes from virtually every major highway: Rtes. 4, 17, 208, I-80, and the Garden State Pkwy. It
as one of the best and most desirable real estate develop- ment sites in Bergen County.
It is located directly adjacent to the Westfield Garden State Plaza shopping mall, and min-
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