The 108,000-square-foot building, located at 670 Passaic Ave., is comprised of 41,000 square feet of self storage space and 67,000 square feet of industrial and warehouse space. The warehouse component is currently occupied by supply manufacturer Case It Inc.
“Self-storage space and industrial space are strong performers in the real estate market, making 670 Passaic Ave. an ideal property for acquisition,” Sonny Jumani, CEO and president of Tulfra Real Estate, said.
Tulfra said it acquired the property in 2015 from an Arizona-based investment group and made significant improvements there since, including retrofitting it with 16-21 foot ceilings, modern loading areas, 5,000 square feet of new office space, and 125 parking spots.
“The buyer was in the market for a larger facility that was accessible to customers not just in the Garden State, but throughout the New York metro area,” Jumani said. “West Caldwell is very close to major highways and 20 miles from New York City, making it the perfect accessible location for self-storage for New York metro-area residents,”
Marcus & Millichap‘s Alan Cafiero and Ben Sgambati acted as brokers on the deal.
“Our philosophy is to turn underutilized sites into job and income-producing properties for the surrounding communities,” Jumani said. “Our repositioning of and investment into 670 Passaic Ave. has been a resounding success.”