Tulfra Real Estate and The Hampshire Cos. signed a lease with Starbucks that will bring a new location to Park11, a mixed-use redevelopment at Franklin Avenue and Mill Street in Belleville. — Courtesy: Tulfra
By Joshua Burd
Tulfra Real Estate and The Hampshire Cos. have landed a nearly $6.4 million loan to fund the construction of three additional retail pads at a mixed-use site in Belleville.
The financing, provided by First Bank, will help grow the tenant roster at what’s known as Park11, the former home of a Roche Diagnostics property at Franklin Avenue and Mill Street. Existing operators at the 20-acre site include Wawa and Extra Space Storage, which will be joined by Starbucks under a newly announced lease by Tulfra and Hampshire.
JLL’s Jon Mikula and Michael Klein sourced the $6.37 million loan on the developers’ behalf, with First Bank’s Michael B. Cook serving as the lending officer.
“This funding fuels the next stage of growth for Park11, in line with our mission to bring value back to underperforming properties across New Jersey,” said Sonny Jumani, Tulfra’s CEO and president, adding: “The location of Park11 is ideal for Starbucks, which is among the most popular quick service restaurants in the world. Also, the brand personifies the type of world-class tenants that Park 11 is attracting.”
Tulfra and Hampshire purchased the Park11 site in 2015 and have worked to transform the then-vacant location into a master-planned hub for the community. They completed site work in 2020, including the installation of a traffic light and roadways throughout the development.
Since then, they have secured a two-acre ground lease that paved the way for Wawa to open a convenience store and gas station in 2020. The 110,000-square-foot, 807-unit Extra Space Storage facility also operates under a ground lease and is now open.
“For decades, we have worked closely with The Hampshire Companies to develop and market retail, industrial and residential sites throughout New Jersey,” Jumani said. “We are very proud of the continued growth and success of Park11.”
Tulfra noted that Park11 is adjacent to Clara Maass Medical Center and within one of New Jersey’s most populated residential centers. The site is minutes from the Garden State Parkway, the New Jersey Turnpike and routes 21, 3, and 17.
Tulfra, Hampshire complete site work at Belleville project, as first tenants take occupancy