Rochelle Park, New Jersey-based real estate redevelopment company, Tulfra Real Estate has sold 10 Kingsland Road in Clifton/Nutley, NJ to Columbia Storage Group for $24.25 million.
The 6.5-acre site includes a state-of-the-art climate controlled, 122,400 s/f self storage building. The storage facility contains 925 units which Columbia Storage Group will own and self manage.
The location at 10 Kingsland Road is 1,000 feet from the Route 3 corridor, is well located amidst dense residential and commercial uses.
“Clifton is home to over 84,000 residents. The property is just minutes from the Lincoln Tunnel and many crucial New York metro and North Jersey highways, making it an ideal, accessible location for the region’s many self-storage customers,” said Sonny Jumani, president and partner, Tulfra Real Estate.
Tulfra Real Estate acquired 10 Kingsland Road from an out-of-state corporation in August 2017. Tulfra remediated the property of environmental issues, obtained complicated approvals and building permits from two separate municipalities, The land was vacant for over a decade prior to Tulfra’s purchase.
Construction financing for the project was provided by ConnectOne Bank. Bob Cusick, Leo Faresich and Mark Zurlini represented the bank.
“Our mission at Tulfra Real Estate is to transform underutilized sites into properties that produce jobs and income for residents and tax revenue for municipalities,” Jumani said. “In this regard, our construction and repositioning of 10 Kingsland Road is a sound success.”
The deal is the second Tulfra has executed with Columbia Storage Group. The developer recently sold a 108,000 s/f self-storage facility at 670 Passaic Ave. in West Caldwell, N.J. to the storage company.
The brokers on both transactions were Kevin Welsh, Brian Schulz, and Jason Emrani of Newmark Knight Frank.