By Joshua Burd
Tulfra Real Estate has reaped nearly $8 million from the sale of a fully leased, 62,200-square-foot industrial building in West Caldwell, capitalizing on what it says is a growing demand for space in the Fairfield-area submarket.
In a news release, the development and management firm said it sold the property at 8 Fairfield Crescent to Cabot Properties Inc., a Boston-based private equity real estate investment firm. The transaction comes three years after Tulfra renovated the 42-year-old building, which today includes 10,000 square feet of office space and 52,200 square feet of warehouse space.
Robert Borny and Jose Cruz of HFF were brokers in the $7.8 million transaction.
“The area has grown into a corridor of commerce along the East Coast,” said Sonny Jumani, president and managing partner of Tulfra. “It is considered one of the most attractive distribution markets in the continental U.S. because of its access to key shipping points, including the Elizabeth Marine Terminal, one of the most active ports in the United States.
“The location is one of the main reasons we purchased the asset.”
The building is 100 percent leased through 2021 by two companies, Regi U.S. Inc. and Inline Distributing Co., the news release said. Regi U.S. Inc., an Italian-based cosmetics manufacturer, picked 8 Fairfield Crescent as its first U.S. office and as a distribution center, while Inline, a 40-year-old national distributor for restoration, remediation, safety and disaster recovery supplies, operates in 13 locations.
Tulfra Real Estate inked the leases in 2015. The Rochelle Park-based firm touted the building’s location and access to interstates 80 and 280, along with its proximity to the Essex County Airport and Newark Liberty International Airport.
“Tulfra’s large resources coupled with its ability to close quickly, enable us to take advantage of unique opportunities in the marketplace,” Jumani added. “We turn nonperforming or undervalued assets into success stories for real estate owners, managers and municipalities.”
