Update 5/24/18 – Additional details have emerged for the self-storage facility Tulfra is developing on Kingsland Street. The property will feature 765 climate-controlled and 160 traditional units. It’ll be managed by CubeSmart, a self-storage real estate investment trust and third-party management firm.
“The property’s location off Route 3, its strong demographics within the trade area and, a top-tier operator such as CubeSmart made this a very attractive deal to lenders,” said Michael Klein, managing director for HFF (Holliday Fenoglio Fowler LP), the commercial real estate and capital-markets services firm that secured $10.2 million in financing on behalf of the developer.
Tulfra will use the construction loan for the land-acquisition costs, site improvements, construction and lease-up expenses, according to an HFF press release. Klein worked with Jon Mikula, senior managing director, in obtaining the loan through the Bank of New Jersey.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 26 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.
9/19/17 – Real estate management and development company Tulfra Real Estate has purchased a 6.5-acre property in Nutley, N.J., on which it plans to build a 125,000-square-foot self-storage facility. The seller was an out-of-state corporation, according to a press release.
The property at 10 Kingsland St. is a half-mile from the Passaic River and 1,000 feet from the New Jersey Route 3 eastbound corridor, which runs through Clifton, N.J. Vacant for more than a decade, it’s near homes, stores and recreational areas, the release stated.
“This property is situated right in between Route 3’s bustling retail and recreational attractions, and a high-density residential neighborhood,” said Sonny Jumani, president and managing member of Tulfra. “This makes it the perfect location for a self-storage facility, which will serve both commercial and residential tenants, alike.”
More than 250,000 people reside in communities within three miles of the site, including Passaic, one of the largest municipalities in New Jersey. It’s a densely-populated area with 22,179 residents per square mile. “That density bodes well for self-storage,” Jumani said.
Tulfra was represented in the acquisition by Jason Sobel, an attorney with the law firm Sills Cummis & Gross P.C. Chis Richter, senior vice president for investment firm Avison Young, obtained the land-use permit.
Tulfra recently redeveloped an industrial property at 65 Industrial St. S. in Clifton into a 200,000-square-foot bakery. The firm is also converting the former Roche Diagnostics USA property at Park 11 in Belleville, N.J., into a 500,000-square-foot, mixed-use project, the release stated.
“Transforming vacant and non-performing properties into vibrant, productive environments are a tremendous asset for the community and the people who live there,” Jumani said. “They beautify the area, generate jobs and increase tax revenues. We are proud to be a part of such a transformation.”
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. It works with municipalities to transform underutilized or non-performing assets into projects in all asset classes including commercial, hotels, healthcare and residential. The company is based in Rochelle Park, N.J.