670 Passaic Ave. in West Caldwell — Courtesy: Tulfra Real Estate
(Editor’s note: This story was updated on July 24 with new details from the seller, Tulfra Real Estate.)
By Joshua Burd
Tulfra Real Estate has sold a mixed-use property in West Caldwell for more than $19 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the real estate investor and developer in its sale of 670 Passaic Ave., which includes 41,000 square feet of self-storage space and 67,000 square feet of warehouse and industrial space. The buyer, which Tulfra identified as Columbia Storage Group, purchased the complex for $19.25 million.
Marcus & Millichap’s Alan Cafiero, Ben Sgambati and Nicholas Bocchi marketed the property on behalf of the seller. They also represented the buyer.
“Industrial space and self-storage have separately been viewed as two of the most appealing product types in the market with very predictable, durable cash flow,” Cafiero said. “The excellent location and quality of the asset drew multiple offers from the marketplace and an all cash closing with a very qualified, local buyer.”
In a separate news release, Tulfra noted that it acquired 670 Passaic Ave. from an Arizona-based investment group in August 2015. The firm invested in significant upgrades, retrofitting the property with 16- to 21-foot-high ceilings, modern loading areas, 5,000 square feet of new office space and 125 parking spaces, among other improvements.
“Our philosophy is to turn underutilized sites into job and income-producing properties for the surrounding communities,” said Sonny Jumani, Tulfra’s CEO and president. “Our repositioning of and investment into 670 Passaic Avenue has been a resounding success.”
Case It Inc., an office supply manufacturer, occupies the industrial and warehouse component after signing a long-term, 15-year lease with Tulfra in 2019.
“Self-storage space and industrial space are strong performers in the real estate market, making 670 Passaic Avenue an ideal property for acquisition,” Jumani said.
He added that Columbia Storage Group is opening its location in West Caldwell, NJ following its initial successes in Pennsylvania, New York, and throughout Jersey.
“The buyer was in the market for a larger facility that was accessible to customers not just in the Garden State, but throughout the New York metro area,” Jumani said. “West Caldwell is very close to major highways and 20 miles from New York City, making it the perfect accessible location for self-storage for New York metro-area residents,”