930 Riverview Drive in Totowa — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has sold a 27,000-square-foot industrial condominium in Totowa for $5 million, the latest transaction at a redeveloped office and industrial park.
The investment and development firm on Tuesday announced the sale of the space at 930 Riverview Drive, also known as the Totowa Business Center, to a private investor. The condo is occupied by Tyco Integrated Security, an international security services firm, which recently signed a 10-year lease extension through 2030.
Kevin Welsh and Brian Schulz of Newmark Knight Frank were the brokers in the transaction, Tulfra said, touting a sale price that translated to $185 per square foot.
“The complex continues to attract investors in both the public and private sectors for a myriad of reasons: it is an outstanding Class A property in a spectacular location,” said Sonny Jumani, CEO and president of Tulfra Real Estate. “A long-term quality tenant in a recently-renovated property is a recipe for success.”
The deal at the two-story, 225,000 square-foot business center comes a week after Tulfra and its joint venture partner, The Hampshire Cos., announced the $19.5 million sale of a self-storage facility on the campus. The developers have completed more than $5 million in upgrades since acquiring the property in 2015, seeking to capitalize on its location at the intersection of Interstate 80 and routes 46 and 23, just 17 miles from New York City.
Those upgrades include redeveloping the front of the property into the 85,000-square-foot, 1,500-unit self-storage facility that the firms recently sold.
“Our acquisition and renovation of the Totowa Business Center is a perfect example of how we purchase and reposition undervalued properties,” Jumani said. “Our capital improvement programs increase value for our ownership, investment partners, tenants and municipalities.”
