A rendering of a planned QuickChek store at 370 North Ave. in Cranford — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has acquired a defunct industrial property in Cranford that it now plans to redevelop as a QuickChek store.
The development and investment firm announced Monday that it closed on the 1.87-acre site, located at 370 North Ave. East, for $2.1 million. Located just off the Garden State Parkway, the property at the time of Tulfra’s purchase was home to a vacant 52,512-square-foot industrial building completed in 1955.
Alan Goldstein of The Goldstein Group brokered the transaction.
“Converting the vacant site at 370 North Ave. East reaffirms our commitment to generating value for our clients and good ratables for the municipalities,” said Sonny Jumani, partner and president of Tulfra Real Estate, which is based in Rochelle Park.
Tulfra on Monday also announced the closing of a permanent loan secured by the long-term land lease with QuickChek. First Bank is providing the financing, with Senior Vice President David Stefano representing the Hamilton-based lender, while HFF Senior Managing Director Jon Mikula and Managing Director Michael Klein sourced the loan for Tulfra.
In announcing its plans in Cranford, Tulfra also touted other redevelopment projects in its portfolio, including a 20-acre mixed-use development in Belleville, a 180-unit apartment project in North Haledon and a 225,000-square-foot flex, tech and self-storage building at 930 Riverview Drive in Totowa.