Press Release brought to you by Tulfra Real Estate
Tulfra Real Estate Announces 2016 Brokers of the Year Awards
Professionals from Resource Realty and Colliers International Honored
Rochelle Park, NJ, May 02, 2016 – Tulfra Real Estate has announced the recipients of the company’s 2016 Brokers of the Year Awards. Honored for their efforts on behalf of Tulfra were the Resource Realty team of principal Tom Consiglio and senior vice presidents Greg Sabato and Scott Peck, and Colliers International director Patrick Wilcox.
“These professionals clearly demonstrated their creativity and resourcefulness in closing transactions on our behalf, and we are very appreciative of their efforts,” said Tulfra Real Estate president Sonny Jumani.
The Resource Realty team was cited for their efforts in the acquisitions of 930 North Riverview Drive in Totowa, NJ, and 670 Passaic Avenue in West Caldwell, NJ.
“The obstacles at 930 North Riverview included 1031 exchange timing, difficult negotiations with the existing lender, and managing the expectations of the New York-based seller, who was concerned about the certainty of the closing,” said Jumani. “The acquisition of 670 Passaic Avenue was from a successor to Phelps Dodge—the Resource team was able to time the purchase in a 1031 exchange and was instrumental in convincing the seller of our firm’s ability and financial resources to close.”
Since the acquisition, Tulfra has entered into a joint venture with Hampshire Companies to complete $5 million of upgrades at the 225,000-square-foot 930 North Riverview Drive, including conversion of a portion of the mixed-use property into a self-storage facility. Based in Morristown, NJ, Hampshire has more than 50 years of cycle-tested experience, evolving from a regional developer into a national brand with approximately $1 billion of assets under management. A major renovation is also underway at the 112,000-square-foot 670 Passaic Avenue, which is being marketed for single-tenant flex/corporate use.
“All of us are proud to have been selected as Broker of the Year by Tulfra,” said Tom Consiglio of Resource Realty, who also has the leasing assignment for 670 Passaic Avenue. “We have worked with Lloyd Tulp, Sal Frassetto, and Sonny Jumani of Tulfra for more than 25 years, and during that time we have been involved in the sale and lease of several million square feet.
“As investors and developers, they are creative and opportunistic,” said Consiglio. “As landlords, they have set a high standard as to how to deliver product to the market that meets today’s demanding tenants. As brokers, we couldn’t ask for a better company to partner with, and look forward to continuing our recent successes with Tulfra.”
Patrick Wilcox of Colliers International was cited for his efforts in Tulfra’s acquisition of the 20-acre former Roche Diagnostics property in Belleville, NJ. “He is being honored for his creativity because he was able to complete the sale of a site that three previous potential buyers failed to close,” said Jumani. “Ultimately, Roche needed the certainty and assurance that we could address the complex issues at the site, and Pat was able to provide that assurance.”
Tulfra was subsequently named redeveloper of the site by the City of Belleville under the state’s redevelopment laws, and is teaming with Hampshire Companies in the effort. “Our goal is to bring significant jobs and ratables into the community, and we are indebted to Pat Wilcox for facilitating that effort.”
“Tulfra is a long-time client and it has been an absolute pleasure working with this team over the years,” says Patrick Wilcox. “Receiving this award from Tulfra is a true honor because from an acquisition and redevelopment standpoint, Tulfra is the best there is. Winning a creative award from the most creative landlord is really special to me.”
About Tulfra Real Estate
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development. Visit www.tulfra.com
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on the Hampshire Companies is available online at www.hampshireco.com
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05/02/2016 - 08:00