Totowa Business Center, 930 Riverview Avenue, Totowa, NJ

TOTOWA, NJ—Tulfra Real Estate and The Hampshire Companies have sold a 91,000-square-foot self-storage facility in the Totowa Business Center, 930 Riverside Drive, Totowa, NJ, for $230 per square foot, or $19.5 million.

The buyer, a public company, was not identified.

“This acquisition is a testament to the growing self-storage market in the metro New York area,” says Sonny Jumani, president and partner of Rochelle Park, NJ-based Tulfra Real Estate.

As previously reported by GlobeSt.com, the two firms acquired the property in 2016 and redeveloped it into a self-storage facility totaling 1,500 units of varying sizes. The companies have formed several joint ventures, developing more than five million square feet of commercial real estate over decades of partnership.

“Our companies have the same goal: to focus on under-utilized sites with tremendous potential and convert them to the best possible use for investors,” Jumani says, noting that the firms are also joint venturing the redevelopment of the former Roche Diagnostics property, a 20-acre site in Belleville, NJ.

The self-storage facility is part of Totowa Business Center, a 225,000-square-foot office park. The center, just 17 miles from Manhattan, is situated at a busy intersection of I-80 and routes 46 and 23.

Built in 1962 and redeveloped in 1998, Tulfra acquired the property from a New York investment group in 2015. Tulfra implemented more than $5 million in improvements since acquiring the property.

In addition to the self-storage facility, the building houses several industrial condominiums. Tyco, whose space was recently bought by an investor for $185 per square foot; RDD Associates Food Brokers; and Emergence Church, which operates a day care center and a sanctuary out of the facility.

“The demand for this type of mixed-use commercial space in North Jersey is growing,” Jumani says.

Correction, 3/28/2018, 12:53 p.m.: An earlier version of this story included an outdated photo of the property. That photo has been replaced with a current image.

Instant Insights /

Tulfra and Hampshire Sell Totowa, NJ Self-Storage for $20M

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