CLIFTON, NJ—Tulfra Real Estate has acquired the former Glaxo Smith-Kline building at 65 Industrial Street South in Clifton. The Rochelle Park, NJ-based industrial real estate management and development company teamed with Morristown, NJ-based Hampshire Companies to acquire the 202,000-square-foot asset, which includes 28,000 square feet of new office space.
The partners, which have a decades-long relationship and have combined to develop more than three million square feet, have launched a major repositioning of the former manufacturing plant for single-tenant use, including a major project to 'raise the roof.'
Four months of demolition and structural foundation work has preceded the roof lift. Over the next four weeks, the height of the building will grow to a clear height of 27 feet.
“The lift will be accomplished in stages,” says Sonny Jumani, president and partner of Tulfra. “Initially 80,000 square feet and then 100,000 square feet.”
Upon completion, a new ESFR sprinkler system, a new exterior “skin” and “Tulfra Finishes” will be installed. Efficient T5 lighting, epoxy floors and new electrical and mechanical systems will be added. An additional 22,000 square feet will also available for lab and/or office uses.
“Tulfra's tenant base of food, pharmaceuticals and technology companies demands high-end finishes in their buildings,” says Jumani. “The repositioning will make 65 Industrial Street South extremely functional and appealing. There is very little competition in the market for facilities in that size range, and no space like it currently available in the Meadowlands market.
The class A, single-story, freestanding building occupies 11 acres with freeway access to Route 3, the New Jersey Turnpike and Garden State Parkway. The Lincoln Tunnel, providing access to New York City, is less than 10 miles away.
“The fundamentals of the New Jersey industrial real estate market are very strong, and we saw this acquisition as an opportunity to redeploy the capital into our value-add business,” says Lloyd Tulp, Tulfra co-chairman. “We will be marketing the property for lease or sale, and expect to see a great deal of interest in this offering.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
