10 Kingsland Road, a 925-unit self-storage facility in Clifton and Nutley — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has reaped more than $24 million from the sale of a newly developed, 925-unit self-storage facility in northern New Jersey.
The firm announced Friday that it sold the property, 10 Kingsland Road in Clifton and Nutley, to Columbia Storage Group for $24.5 million. Sitting on 6.5 acres, the 122,400-square-foot complex is 1,000 feet from the Route 3 corridor and benefits from a dense residential and commercial population in the surrounding area.
Kevin Welsh, Brian Schulz and Jason Emrani of Newmark Knight Frank brokered the transaction.
“Clifton is home to over 84,000 residents,” said Sonny Jumani, partner and president of Tulfra, which is based in Rochelle Park. “The property is just minutes from the Lincoln Tunnel and many crucial New York metro and North Jersey highways, making it an ideal, accessible location for the region’s many self-storage customers.”
The sale comes three years after Tulfra acquired the 6.5-acre site from an out-of-state corporation, giving way to a project that revitalized the long-vacant property. The development process included environmental remediation and securing complicated approvals and building permits from two separate municipalities.
ConnectOne Bank provided construction financing, with Bob Cusick, Leo Faresich and Mark Zurlini representing the lender.
“Our mission at Tulfra Real Estate is to transform underutilized sites into properties that produce jobs and income for residents and tax revenue for municipalities,” Jumani said. “In this regard, our construction and repositioning of 10 Kingsland Road is a sound success.”
Columbia Storage Group will own and manage the climate-controlled property, Tulfra said. The operator also recently acquired another Tulfra-owned self-storage building, a 108,000-square-foot facility at 670 Passaic Ave. in West Caldwell.