A four-building industrial portfolio in northern New Jersey recently changed hands between Tulfra Real Estate and a private investor. — Courtesy: Newmark Knight Frank
By Joshua Burd
Tulfra Real Estate has sold a four-building, 254,000-square-foot industrial portfolio in northern New Jersey, in a transaction arranged by Newmark Knight Frank.
Capital markets brokers with NKF represented Tulfra in the sale to a private high net worth investor. A representative said the firm was restricted from identifying the locations of the properties, but said they were net leased, single-tenant properties that ranged in size from 38,000 to 141,000 square feet.
Terms were not disclosed.
NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Financial Analyst Jason Emrani brokered the deal as part of its Tri-State Capital Markets Team. The team also procured the buyer, which is based in Airmont, New York.
“The portfolio represents another successful repositioning by Tulfra, who spent millions in upgrades, limiting capital exposure and enhancing curb appeal of the properties,” Schulz said. “Demand for well-located industrial assets is at an all-time high, with very few offerings in the market.
“The buyer will benefit from long-term, stable cash flow secured by (about 9.6) years of remaining lease term with contractual rent bumps providing increasing yield.”
The NKF Capital Markets Debt & Structured Finance team of vice chairmen and co-heads Jordan Roeschlaub and Dustin Stolly, as well as Managing Director Dan Fromm and Associate Robert Tonnessen, secured acquisition financing for the purchase.
In a news release, NKF said the properties are occupied by tenants with a range of uses, including plastics manufacturing and assembly, light industrial, storage, office and private label supplement development. Each property is located within five miles of a major New Jersey thoroughfare.
“We greatly appreciate Tulfra’s confidence in our ability to execute this complex industrial transaction and are pleased that we were able to maximize the sale value on their behalf,” Welsh said.