TOTOWA, NJ–Tulfra Real Estate is planning more than $5 million in improvements for the Totowa Business Center, a 225,000-square-foot, class A mixed-use building at 930 North Riverview Drive in Totowa, New Jersey. Tulfra recently acquired the property from a New York investment group for $13 million.
“This is an extremely promising project with substantial value-add potential,” says Sonny Jumani, partner and president of the Rochelle Park, NJ-based real estate management and development company. “It is a hybrid building, with a one story flex/office portion housing existing tenants Tyco, RDD and Passaic County, facing Taft Road, and a two-story mixed use section facing highly travelled Riverview Drive at its own traffic light.
“The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants,” says Jumani. “The 65,000 square foot first floor has 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, says Jumani.
“This marketplace is supply-constrained for this type of asset,” says Jumani. “As we proceed with the planned improvements, we anticipate a great deal of interest in the available space.”
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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].
