Tulfra Real Estate has received final approval to build a 265,000-square-foot, state-of-the-art storage facility and adjoining parking at 300 Thomas McGovern Drive in Jersey City, it said last week.
A groundbreaking will be announced shortly. The price of the purchase was not disclosed.
Sonny Jumani, CEO of the Rochelle Park-based real estate investment company, said the property is in a prime location, with approximately 160,000 housing units and 22,560 new apartments under development within a 3-mile radius of the site.
The property is just minutes from downtown Manhattan, and convenient to all boroughs via the New Jersey Turnpike.
“This acquisition adds another outstanding asset to our portfolio of properties,” Jumani said. “With New York City and downtown Jersey City virtually minutes away, it offers that rare combination of a perfect location in a major distribution center near a high concentration of new residential developments. That is a combination that is hard to beat.”
Tulfra has developed over 500,000 square feet of self-storage facilities over the past few years. Jumani said it welcomes broker submissions of new sites.
Tulfra Real Estate is a major redeveloper throughout New Jersey. Current projects include Molly Brook on Belmont, a 20-acre, 180-unit rental apartment development in North Haledon, and Park11 in Belleville, New Jersey, a mixed-use project that includes a Wawa convenience store, an Extra Space self-storage facility and up to 500,000 square feet of other uses, including office, medical and senior housing. Both projects are being developed with Tulfra’s longtime joint venture partner, the Hampshire Cos.