Tulfra Real Estate recently marked the completion and sale of a new 113,000-square-foot, 816-unit self-storage facility at 120 West Passaic St. in Rochelle Park. From left: Richard Burzynski of First Bank, Alex Tulp, Michael Wilson, Marcus Lee and Lucas Grunberger of Tulfra Real Estate, Zachary Chaplin of Stonefield Engineering, Ryan Sanclimenti of Ron-Jon Construction, Sonny Jumani of Tulfra, Scott Sanclimenti of Ron-Jon Construction, Randall Mosca of Columbia Storage Group, Michael St. Pierre of SESI Engineering, Randall Mosca Jr. of Columbia Storage Group and Mark Lane of The Lane Group. — Courtesy: Tulfra
By Joshua Burd
Tulfra Real Estate has completed the sale of a newly developed, 113,000-square-foot self-storage building in Rochelle Park.
The developer, which is based in the township, announced Tuesday that it sold the 816-unit facility at 120 West Passaic St. to Columbia Storage Group. Terms were not disclosed, but Tulfra noted that the deal is its third with the buyer, with the transactions totaling $60 million in value.
Newmark Executive Managing Director Kevin Welsh and Managing Director Brian W. Schulz brokered the transaction.
“This sale exemplifies the type of transaction that has made Tulfra Real Estate the company that it is today,” said Sonny Jumani, the firm’s president. “The site was sitting idle for several years. We saw the opportunity to bring jobs and tax revenue to the township, and with its close proximity to the largest retail mall in the tristate area and large number of residential within a three-mile radius, we knew there would be a high demand for self-storage.”
In a news release, Tulfra said the four-story building is part of the seven-acre Village Center of Rochelle Park project, where the company is also developing 160 luxury apartments, retail space and a park with open space and a retention pond. The firm acquired the property, a former AT&T data site across from Westfield Garden State Plaza, in late 2018.
First Bank of Hamilton provided a $10.3 million loan to finance construction of the four-story self-storage building. Tulfra added that the site is minutes from major highways, including routes 17, 4 and 208, Interstate 80 and the Garden State Parkway, while it is 15 minutes from New York City.
Tulfra’s other sales to Columbia comprise a 122,400-square-foot building at 10 Kingsland Road in Clifton and Nutley and a 108,000-square-foot building in West Caldwell.
“Over the next several months and years, our cities, townships and neighborhoods will be searching for new ways to repurpose idle or underutilized properties, generate revenue and transform these eyesores once again into productive centers of commerce,” Jumani said.