Totowa, NJ — Tulfra Real Estate has completed the acquisition of Totowa Business Center, a 225,000 s/f, class A mixed-use building at 930 North Riverview Dr. in Totowa, announced Sonny Jumani, partner and president of the Rochelle Park, NJ-based real estate management and development company. The property was purchased from a New York investment group for $13 million.
“This is an extremely promising project with substantial value-add potential,” said Jumani. “It is a hybrid building, with a one story flex/office portion housing existing tenants Tyco, RDD and Passaic County, facing on Taft Rd and a two story mixed use section facing on highly travelled Riverview Drive at its own traffic light.
Tulfra is planning a program of more than $5 million of improvements for the company’s latest acquisition, which consists of the 105,000 s/f, two-story mixed use portion, fronting on Riverview Dr., and a 120,000 s/f section facing on Taft Rd.
“This marketplace is supply-constrained for this type of asset,” said Jumani. “As we proceed with the planned improvements, we anticipate a great deal of interest in the available space.”