Tulfra Real Estate Completes Acquisition of 225,000-Square-Foot Mixed-Use Building in Totowa, New Jersey
More than $5 Million of Upgrades are Planned for the Class A Totowa Business Center
Totowa, NJ, June 01, 2015 – Tulfra Real Estate has completed the acquisition of Totowa Business Center, a 225,000-square-foot, class A mixed-use building at 930 North Riverview Drive in Totowa, New Jersey, announced Sonny Jumani, partner and president of the Rochelle Park, NJ-based real estate management and development company. The property was purchased from a New York investment group for $13 million.
“This is an extremely promising project with substantial value-add potential,” said Jumani. “It is a hybrid building, with a one story flex/office portion housing existing tenants Tyco, RDD and Passaic County, facing on Taft Rd and a two story mixed use section facing on highly travelled Riverview Drive at its own traffic light.
Tulfra is planning a program of more than $5 million of improvements for the company’s latest acquisition, which consists of the 105,000-square-foot, two-story mixed use portion, fronting on Riverview Drive, and a 120,000-square-foot section facing on Taft Rd.
The Riverview space, will be retrofitted to attract technical, quasi-retail and recreational tenants,” said Jumani. “the 65,000 sf first floor, encompasses four units of 15-20,000 square feet each. Options for those spaces include everything from child and adult day care, to a gym or fitness center, kids amusements, and other retail-type recreational uses.
“The 40,000-square-foot second floor is ideal for training, trade and polytechnic schools, an art gallery, or mini-storage,” he said.
Parking at the site is 4/1000 sq. ft.
Constructed in 1962 and redeveloped in 1998, Totowa Business Center is situated at the busy intersection of I-80 and Routes 46 and 23. The 17.38-acre site, which offers more than 800 parking spaces, is just 17 miles west of Manhattan, near the region’s other major business districts, a deep labor pool, upper income residential communities and one of the nation’s busiest ports.
“This marketplace is supply-constrained for this type of asset,” said Jumani. “As we proceed with the planned improvements, we anticipate a great deal of interest in the available space.”
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.
# # #