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The 13,108-square-foot condominium located at 700 Route 46 was sold for an undisclosed amount to Agri Exotic Trading Inc. -- which distributes food to hotels, restaurants, and caterers throughout the tri-state area. The sale was facilitated by Larry Lerman of Lerman Sanders Realty.
The 5.3-acre property was purchased by Tulfra Real Estate with a vision to modernize a once-productive property that had since fallen into an idle state.
This fresh approach to commercial real estate revolutionized the industrial condominium real estate market in the 1990s, with the coining of the term “Tulferized” to describe the company’s approach to revitalizing the growing number of obsolete commercial properties, the company said in a press release.
The sale of this last remaining condominium signals the success of the real estate company’s Tulferized industrial buildings.
“This final condo sale represents the end of an era, but our unique approach to commercial real estate has not changed,” said Sonny Jumani, the founder and president of Tulfra Real Estate.
“We continue to revitalize and redevelop aging commercial properties in communities throughout New Jersey by identifying properties with tremendous potential and investing in them.”
Agri Exotic Trading owns another condominium in the complex and plans to use the new space to expand its current operations. The company is set to move into the space once the lease agreement ends with the existing tenant, AquaFence USA.
“Our team prides itself on bringing fresh and innovative ideas to the properties we acquire,” Jumani said. “So, when tenants and buyers respond positively and see the same value we do, there’s no better feeling.”
- Tulfra Real Estate is spearheading multiple redevelopment projects throughout New Jersey, including:
- Redevelopment of the former Roche Diagnostics property in Belleville, a 500,000-square-foot retail center that includes a Wawa convenience store and an Extra Space self-storage facility.
- The 7.5-acre mixed-use Village Center of Rochelle Park that includes a 100,000 square-foot CubeSmart self-storage facility
- A 225,000-square-foot flex/tech/self-storage building at 930 Riverview Drive in Totowa
Tulfra Real Estate is requesting offerings from sellers or brokers of similar sites. For more information, visit www.Tulfra.com.
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