Tulfra Real Estate has sold a 113,000 s/f self-storage building at 120 West Passaic Street in Rochelle Park, NJ, to Columbia Storage Group.
The four-story, 816-unit building is part of the seven-acre mixed-use Village Center of Rochelle Park, where Tulfra is developing 160 luxury apartments, retail, and a park with open space and a pond.
The local investment and development company acquired the former AT&T data site in late 2018. First Bank provided a $10.3 million construction loan to build the facility. Kevin Welsh, executive managing director and Brian W. Schulz, managing director at Newmark brokered the sale to Columbia.
Situated directly across from Unibail-Rodamco-Westfield Garden State Plaza, one of the largest and most popular shopping centers in the tri-state area, the site is minutes from major highways and offers public transportation into Manhattan.
Sonny Jumani, president of Tulfra, said, “The site was sitting idle for several years. We saw the opportunity to bring jobs and tax revenue to the township, and with its close proximity to the largest retail mall in the tri-state area and large number of residential within a three-mile radius, we knew there would be a high demand for self-storage.”
This is the third Tulfra self-storage building sold to Columbia Self Storage across $60 million in transactions. The company also recently sold a 122,400 s/f building at 10 Kingsland Road in Clifton/Nutley and a 108,000 s/f building in West Caldwell. Columbia now has 20 self-storage facilities and nearly 7,000 units throughout the tri-state area.