16B — June 12 - 25, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Tulfra Real Estate completes acquisition of 225,000 s/f building
A class A warehouse building sitting on 60 acres NAI Mertz closes 503,000 s/f sale of industrial warehouse
BURLINGTON, NJ — NAI Mertz , a full-service com- mercial real estate firm serv-
ing southern New Jersey and greater P h i l a d e l - p h i a , a n - n o u n c e d that Scott M e r t z , SIOR , presi- dent, recently
Scott Mertz
completed the sale transaction of 6 Campus Dr. in Burlington. Mertz was the sole broker in the transaction. The buyer was an investor focused on acquisition and operation of single tenant industrial prop- erties. Generation Brands, a manufacturer and distribu- tor of decorative and func- tional lighting and ceiling fan products, occupies the entire building. “The property sits on 60 acres offering the expansion potential of nearly 250,000 s/f making this an ideal purchase for the investor, and the ten-
930 North Riverview Dr.
6 Campus Dr.
visory Board share a common goal of fostering productive discussion in order to advance the study of real estate and to meet the evolving needs of a diverse student population by providing real-world experi- ences and collegial access to the top minds in real estate. “The Center for Real Estate has become an important resource in New Jersey for in- formation concerning the real estate industry,” said John- son. “The center’s real estate program serves a critical link between professionals working in the industry and students preparing for a future career in real estate. I look forward to working with the other mem- bers of the advisory board to assist Rutgers in furthering its role as a leading voice in real estate education.” n County, facing on Taft Rd and a two story mixed use section facing on highly travelled Riverview Drive at its own traffic light. Tulfra is planning a program of more than $5 million of improvements for the compa- ny’s latest acquisition, which consists of the 105,000 s/f, two-story mixed use portion, fronting on Riverview Drive, and a 120,000 s/f section facing on Taft Rd. “This marketplace is supply- constrained for this type of asset,” said Jumani. “As we proceed with the planned improvements, we anticipate a great deal of interest in the available space.” n
TOTOWA, NJ — Tulfra Real Estate has completed the acquisition of Totowa Business Center, a 225,000 s/f, class A mixed-use building at 930 North Riverview Dr. in Totowa, announced Sonny Jumani , partner and presi- dent of the Rochelle Park, NJ- based real estate management and development company. The property was purchased from a New York investment group for $13 million. “This is an extremely prom- ising project with substantial value-add potential,” said Jumani. “It is a hybrid build- ing, with a one story flex/office portion housing existing ten- ants Tyco, RDD and Passaic
ant was able to remain in a state-of-the-art facility in a perfect location for its busi- ness. This transaction was a win-win for both parties,” said Mertz. Located just off Rte. 130 in Burlington Twp., and in close proximity to the N.J. Turnpike
and I-295, 6 Campus Drive is a class A warehouse build- ing offering 32’ clear ceiling heights, 61 loading docks and ESFR sprinkler systems. The building also is equipped with state-of-the-art solar paneling that provides reduced electri- cal costs. n
Smith of Stafford Smith Realty announces sale of former Sea Bright Post Office building
Chris Johnson of Hollister Construction Services named to advisory board
9 Campus Dr. in Parsippany
PARSIPPANY, NJ — The Center for Real Estate at Rutgers Business School, a ris-
ing academic program po- sitioned to t r a n s f o rm and inspire t h e n e x t generat i on of real estate leaders, an- nounced the
1030 Ocean Ave.
Office, a Café, Surf Shop and Hair Salon as well as apart- ments on the upper levels and several bungalow style build- ings on the rear where it over- looks the Shrewsbury River. The storm destroyed the main level and rendered the build- ing unsuitable for habita- tion while also destroying all the riverfront bungalows. Bonfiglio, an experienced and seasoned developer and restauranteur, saw the op- portunity for redevelopment
and the need in the market for a full service restaurant with waterfront. He has embraced the character of the structure and will be opening it with much of the original brick walls exposed. “Sea Bright, like so many Jersey Shore towns, have embraced the opportunity to rebuild stronger and better prepared for a weather event like Sandy” said Ray Smith, sole real estate broker in the transaction. n
SEA BRIGHT, NJ — Ray Smith , Broker of Stafford Smith Realty , announced the sale of 1030 Ocean Ave., Sea Bright, NJ. The three story building was damaged considerably by Nor’easters Sandy and now is undergoing total renovations. The new owner, Thomas Bonfiglio, intends to open a full service restaurant in the building this summer. The building formerly oc- cupied the Sea Bright Post
Chris Johnson
appointment of Chris John- son , CEO of Hollister Con- struction Services to its Advisory Board. As a member of the Center’s Advisory Board, Johnson will serve as a vital conduit of in- formation, knowledge and best practices, fostering productive discussion among students, in- dustry peers, government and academia. Members of the Ad-
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