Real estate investment partners Tulfra Real Estate and The Hampshire Companies announced the sale of a 91,000 square-foot self storage facility in the Totowa Business Center, located at 930 Riverside Drive, Totowa, N.J.
The building was acquired by an undisclosed public company for $230/psf.
“This acquisition is a testament to the growing self storage market in the metro New York area,” said Sonny Jumani, president and partner of Rochelle Park, N.J.-based Tulfra Real Estate.
The two firms acquired the property in 2016 and redeveloped it into a self storage facility totaling 1,500 units of varying sizes. The companies have undergone several joint ventures, developing more than 5 million square feet of commercial real estate over decades of partnership.
“Our companies have the same goal: to focus on under-utilized sites with tremendous potential and convert them to the best possible use for investors,” Jumani said, noting that the firms are also joint venturing the redevelopment of the former Roche Diagnostics property, a 20-acre site in Belleville, N.J.
The self storage facility is part of Totowa Business Center, a 225,000 square-foot office park. The center, just 17 miles from Manhattan, is situated at a busy intersection of I-80 and routes 46 and 23. Constructed in 1962 and redeveloped in 1998, Tulfra acquired the property from a New York investment group in 2015. Tulfra implemented more than $5 million in improvements since acquiring the property.
In addition to the self storage facility, the building houses several industrial condominiums. Tyco, whose space was recently bought by an investor for $185/psf; RDD Associates Food Brokers; and Emergence Church, which operates a day care center and a sanctuary out of the facility.
"The demand for this type of mixed-use commercial space in North Jersey is growing," Jumani said.
For more information, visit Tulfra.com
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.