930 Riverview Drive in Totowa — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate and The Hampshire Cos. have sold a 91,000-square-foot self-storage facility in Totowa for $19.5 million, touting it as a sign of growing demand for the asset class.
The firms on Monday announced the sale of the complex, which is part of the Totowa Business Center at 930 Riverview Drive, to an undisclosed public company. The deal comes after the joint venture acquired the property and redeveloped it into a self-storage facility totaling 1,500 units of varying sizes.
“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-based Tulfra. The firm noted that the sale price equates to $230 per square foot.
The facility is part of a 225,000-square-foot complex at the intersection of Interstate 80 and routes 46 and 23. Since acquiring the property in 2015, Tulfra has overseen more than $5 million in upgrades, capitalizing on a site that is just 17 miles from New York City.
The complex is also home to several industrial condominiums, including a space occupied by Tyco that recently sold to an investor for $185 per square foot. RDD Associates Food Brokers and Emergence Church, which operates a day care center and a sanctuary out of the facility, also occupy the complex.
Tulfra and Hampshire have participated in several joint ventures, developing more than 5 million square feet of commercial real estate over several decades.
“Our companies have the same goal: to focus on underutilized sites with tremendous potential and convert them to the best possible use for investors,” Jumani said, noting that the firms are also partnering in the redevelopment of the 20-acre former Roche Diagnostics property in Belleville.
“The demand for this type of mixed-use commercial space in North Jersey is growing,” he said.
