930 Riverview Drive in Totowa — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has sold a 27,000-square-foot office condominium in Totowa to the county of Passaic, the development and investment firm said Wednesday.
The firm said that the office space, located within a mixed-use building at 930 Riverview Drive, attracted a sale price of $4.14 million. The county is a longtime tenant, using the space for its departments of senior services, disability and veterans affairs.
Tom Consiglio and Greg Sabato of Resource Realty were the brokers on the transaction.
“The purchase makes perfect sense for the County of Passaic,” Sonny Jumani, president and managing member, said in a prepared statement. “Owning their space vs. leasing translates into significant cost savings for the county and its taxpayers.
“In addition, it shows their long-term commitment to provide these crucial services to county residents.”
Known as Totowa Business Center, 930 Riverview Drive is a 225,000-square-foot, Class A mixed-use property owned by the Rochelle Park-based firm. The site also includes a 114,350-square-foot self-storage facility being developed in partnership with The Hampshire Cos., which is currently under construction and will feature 1,500 units.
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The property was originally built in 1962 and redeveloped in 1998, according to a news release. Tulfra Real Estate acquired the property in 2015, absorbing a complex that sits at the intersection of Interstate 80 and routes 46 and 23, just 17 miles from New York City.
Services provided by Passaic County include adult day care, paratransit vehicles, nutrition services such as Meals on Wheels meal delivery for homebound residents, support for independent living and care management, the news release said. Other tenants in the building include Emergence Church, which operates a day care center and sanctuary, RDD Associates Food Brokers and ADT Security Service.
