Tulfra Realty, the Rochelle Park firm tapped by Belleville to convert the dormant Roche Diagnostic property to a vibrant ratable, lists its primary business as “real estate management and the development of industrial buildings, land and industrial condominiums” in suburban northern New Jersey.
Tulfra appears to be a shorthand combination of the names of the company’s cochairmen, S. Lloyd Tulp and Salvatore V. Frassetto.
Sonny Jumani was named president of the company in January 2015.
Tulfra’s website says the company has a portfolio of about 4 million square feet of properties comprising more than 50 buildings with a tenant base of “200 private and public companies.” “Tulfra principals buy industrial buildings and land in northern New Jersey …” that can include land with “environmental issues of any kind …,” the website says.
Kevin Welsh, senior vice president of CBRE, a global leader in real estate services, characterized Tulfra as “a leading real estate development company. They have incredible experience and have been highly successful. We’ve sold things to and for them and I have the utmost respect for them.”
CBRE represented Tulfra in the sale of two multi-tenant industrial buildings totaling 288,469 square feet in Clifton and Tulfra now has available 19 other properties for sale or lease including another Clifton industrial property – the 201,000 square feet former Glaxo Building (65 Industrial St. South) – which Tulfra teamed with The Hampshire Companies to acquire and which has been the beneficiary of a $10 million upgrade.
If Hampshire ends up participating with Tulfra in some capacity on the Roche deal, Welsh said that Belleville would be seeing “two extremely capable real estate firms” in action.
Hampshire is a 50-year-old Morristown-based real estate investment firm with $2.5 billion in assets whose portfolio contains nearly 260 properties totaling 23 million square feet spread among 28 states.
It’s currently engaged in a joint venture to market PortSouth Bryla, a newly constructed 460,000 square foot industrial/distribution building in Carteret, Welsh noted.
In February 2015, Hampshire sold a 112,270 square foot industrial warehouse building on Huyler St. in South Hackensack to Park Avenue Motor Corp. and in November 2011 it combined with Tulfra in a joint venture to sell a 36,000 square foot industrial building on E. Linden Ave. in Linden to Joma Realty.
“They’re in the major leagues,” he said. Hampshire and Tulfra working together “will be of significant benefit to Belleville.”
– Ron Leir
