Member News — Tulfra Real Estate Completes Acquisition and Financing of New QuickChek Site in Cranford With First Bank
October 10th, 2018
Tulfra Real Estate, a Rochelle Park, New Jersey -based real estate investment, management and development company, announced today that it has completed the acquisition and financing of a former industrial site immediately off the Garden State Parkway in Cranford.
The 1.87-acre property, located at 370 North Ave. East, was acquired for $2.1 million. The broker on the transaction was Alan Goldstein of The Goldstein Group. A vacant 52,512-square-foot industrial building, built in 1955, stood on the property at the time of purchase.
Tulfra also announced the closing of a permanent loan secured by a long-term land lease with QuickChek by First Bank of Hamilton, New Jersey. First Bank was represented by Senior Vice President David Stefano.
Holliday Fenoglio Fowler, L.P. (HFF) executives Michael Klein and Jon Mikula sourced the loan for Tulfra.
“Converting the vacant site at 370 North Ave. East reaffirms our commitment to generating value for our clients and good ratables for the municipalities,” said Sonny Jumani, partner and president of Tulfra Real Estate.
370 North is a redevelopment site in Cranford and is another example of Tulfra’s specialty of creating value in obsolete land uses for its customers and ratables for municipalities.
The planned QuickChek joins several other redevelopment projects under Tulfra’s management including a 20-acre mixed-use development in Belleville, New Jersey, a 20- acre 180-unit rental apartment development in North Haledon and a 225,000 square-foot flex/tech/self-storagebuilding at 930 Riverview Drive in Totowa, New Jersey.
Tulfra Real Estate is requesting offerings from sellers or brokers of similar sites. For more information, visit www.Tulfra.com.