670 Passaic Ave. in West Caldwell — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has landed $11.7 million in financing for a repurposed industrial property in West Caldwell, where it recently inked a long-term, 68,000-square-foot lease and is now building a 760-unit self-storage facility.
The loan, provided by Provident Bank, will allow the investment and development firm to complete its renovation of the property at 670 Passaic Ave. The financing includes a $6.1 million permanent loan secured by a long-term net lease to Case-It, a leading binders and office supply manufacturer, and a separate $5.6 million construction loan for the 41,000-square-foot self-storage component.
Tulfra plans to complete the construction of the self-storage facility by early summer.
“The initial redevelopment of 670 Passaic Ave. was the beginning of our investment in this property,” said Sonny Jumani, partner and president of Tulfra Real Estate. “This new financing allows us to complete our project. With the help of the mayor and the township of West Caldwell, this project is now a reality.”
Walter Sierotko, executive vice president and director of real estate with Provident, represented the Iselin-based lender alongside Assistant Vice President Robert Mckee. Frank Vicendese of VMR Mortgage represented Tulfra.
The transaction comes a month after the owner inked the 15-year lease agreement with Case-It, which will occupy 68,000 square feet of the property. The space has 21-foot ceilings, five tailboards for loading and unloading goods and 16-foot ceilings in the self-storage area.
Tulfra acquired the building from an Arizona-based investment group in August 2015. Shortly thereafter, the firm retrofitted and upgraded the building to enhance value and attract better-quality tenants, resulting in new warehouse and light industrial space, including 5,000 square feet for office space, 16- to 21-foot ceiling heights, 122 parking spaces and dedicated space for loading and unloading goods.
The building offers easy access to several major roads, including Bloomfield Avenue, Route 46 and interstates 280, 287 and 80.
