Tulfra Real Estate in conjunction with the Hampshire Cos. on Tuesday said they secured a $6.37 million loan to fund the construction of three additional retail pads at Park11 in Belleville.
First Bank of Hamilton’s Michael Cook, senior vice president/investment real estate manager, handled the transaction. Jon Mikula and Michael Klein of JLL in Morristown represented Tulfra.
Situated at the corner of Franklin Avenue and Mill Street, Park11 is a 20-acre mixed-use development adjacent to the Clara Maass Medical Center.
“This funding fuels the next stage of growth for Park11, in line with our mission to bring value back to underperforming properties across New Jersey,” said Sonny Jumani, CEO and president, Tulfra Real Estate.
With the construction of the additional retail pads comes the announcement that Starbucks is the latest retailer to sign a long-term lease at Park11.
“The location of Park11 is ideal for Starbucks, which is among the most popular quick service restaurants in the world,” Jumani said. “Also, the brand personifies the type of world-class tenants that Park 11 is attracting.”
Starbucks joins several retailers that have signed long-term leases at Park11. Wawa signed a ground lease for two acres on the property in late 2018, and the popular convenience store and gas station opened in 2020. The 110,000-square-foot, four-story, 807-unit Extra Space Storage signed a long-term ground lease; the storage facility is now open.
“For decades, we have worked closely with the Hampshire Cos. to develop and market retail, industrial and residential sites throughout New Jersey,” Jumani said. “We are very proud of the continued growth and success of Park11.”
