Tulfra Real Estate and The Hampshire Cos. have sold a Totowa self-storage venture for $19.5 million, they announced recently.
The real estate companies had partnered on the 91,000-square-foot facility in the Totowa Business Center, 930 Riverside Drive. The property was purchased by an undisclosed public company.
“This acquisition is a testament to the growing self-storage market in the metro New York area,” Sonny Jumani, president and partner with Rochelle Park-based Tulfra, said in a prepared statement.
Tulfra and Morristown-based Hampshire acquired the property in 2016 and redeveloped into self-storage. The property is one of several joint ventures involving the two firms.
“Our companies have the same goal: to focus on underutilized sites with tremendous potential and convert them to the best possible use for investors,” Jumani said.
The mixed-use property includes several industrial condominiums in addition to the self-storage facility.
