A rendering of a 220,000-square-foot self-storage facility and adjoining parking at 300 Thomas McGovern Drive in Jersey City — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has purchased a site in Jersey City that it says will tap into the demand for both parking and self-storage in the booming municipality.
In a news release, the firm said it has received final approval to build a modern, 265,000-square-foot self-storage facility and adjoining parking at 300 Thomas McGovern Drive, which sits adjacent to Liberty State Park and just east of Interstate 78. It announced the deal Friday, noting that there are nearly 160,000 housing units and 22,560 new apartments under development within a three-mile radius of the site.
Walker & Dunlop Managing Director Thomas Walsh brokered the deal. Terms were not disclosed.
“This acquisition adds another outstanding asset to our portfolio of properties,” said Sonny Jumani, Tulfra’s CEO and president, whose firm has built more than 500,000 square feet of self-storage facilities in recent years.
“With (New York City) and downtown Jersey City virtually minutes away, it offers that rare combination of a perfect location in a major distribution center near a high concentration of new residential developments,” he added. “That is a combination that is hard to beat.”