TOTOWA, NJ — Tulfra Real Estate, a Rochelle Park, NJ-based real estate investment, management and development company has closed on the sale of a 27,000 s/f industrial condominium to a private investor at the Totowa Business Center, 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 Newmark Knight Frank were the brokers on the transaction.The industrial condominium is currently occupied by Tyco Integrated Security, formerly ADT Business Solutions, an international firm which supplies solutions to protect companies from security 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 tenant in a recently-renovated property is a recipe for success,” said Sonny Jumani, president and CEO of Tulfra Real Estate. Built in 1962 and redeveloped in 1998,
Tulfra acquired the property from a New York investment group in 2015. Since then, the company has completed more than $5 million in upgrades to the facility, 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 Hampshire Companies. The self-storage facility was recently sold to a public company for $19.5 million ($230/psf).
“Our acquisition and renovation of the Totowa Business Center is a perfect example of how we purchase and reposition undervalued properties,” Jumani said. “Our capital improvement programs increase value for our ownership, investment partners, tenants 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 Veterans Affairs; Emergence Church, which operates a day care center as well as a sanctuary; and RDD Associates Food Brokers. Just 17 miles outside of New York City, the 17.38-acre property is located at the intersection of I-80 and Routes 46 and 23.