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 www.tulfra.com
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
R&J Strategic Communications