Tulfra Sells Off Northern New Jersey Industrial Portfolio
by Josh Anderson
NORTHERN NEW JERSEY — Tulfra Real Estate has sold off its industrial portfolio comprised of 254,000 square feet across four Northern New Jersey net-leased properties at 100% interest. Newmark Kirk Franklin (NKF) Capital Markets represented Tulfra in the transaction.
All four of the assets, populated by a diverse roster of tenants from a range of industries such as a plastics manufacturing and assembly, light industrial, storage, office and private label supplement development, were single-tenant, and ranged in size from 38,000 square feet to 141,000 square feet.
“The Portfolio represents another successful repositioning by Tulfra, who spent millions in upgrades, limiting capital exposure and enhancing curb appeal of the properties,” said NFK’s Brian Schulz, Managing Director in prepared remarks. “Demand for well-located industrial assets is at an all-time high, with very few offerings in the market. The buyer will benefit from long-term, stable cash flow secured by 9.6± years of remaining lease term with contractual rent bumps providing increasing yield.”
Jordan Roeschlaub and Dustin Stolly, NKF Capital Markets’ vice-chairmen and co-heads, secured acquisition financing for Tulfra, along with managing director Dan Fromm and associate Robert Tonnessen.
This was an active week for NFK Capital Markets, who also facilitated the sell-off of a $37.2 Milion USD, two-building industrial facility of 426,866-square feet in Salt Lake City, Utah.
Neither the terms of the Northern New Jersey deal nor the addresses of the properties were disclosed, however it was revealed that the buyer is a private investor based in Airmont, New York with a high net worth.
- About Tulfra Real Estate: Tulfra Real Estate turns opportunities into achievement. Potential into landmarks. With a long history, and deep understanding of every level of real estate, we are consistently able to provide smarter, more complete and ground-breaking solutions for our roster of customers. That’s real estate, re-imagined. We transform non-performing assets into productive assets: Mixed-use, industrial, self-storage, retail, residential, hotels
- About NKF Capital Markets: Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. We provide a fully integrated platform of services to prominent multinational corporations and institutional investors across the globe, as well as to occupiers, owners and developers of real estate on a local, regional and national level. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.