CLIFTON, NJ–CBRE scored a double recently as it represented Tulfra Realty II, LLC in the sale of a portfolio of two properties in Clifton, NJ. CBRE brokered the September sale of 10 Clifton Boulevard and followed it up with the closing of 200 Clifton Boulevardthis month for a combined total of $27.3 million.

Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE's Institutional Properties team, Michael Hines, Brian Fiumara and Brad Ruppel of CBRE's National Partners, and Bill Waxman of CBRE's Saddle Brook office, represented Tulfra. The team also identified the first-time New Jersey buyer, J & L Real Properties, LLC. 

The “Clifton Portfolio” is comprised of two multi-tenant industrial buildings totaling 288,469 square feet (10 Clifton – 144,005 sq. ft. and 200 Clifton – 144,464 sq. ft.) that Tulfra redeveloped in 2004, including new roofs, HVAC, loading, façade, extensive site work and landscaping. The redevelopment strategy focused on creating attractive curb appeal along with flexibility and functionality of the buildings to target 5,000 to 25,000-sq.-ft. tenants.  

This strategy resulted in the lease-up from 15% to 100% occupancy in approximately 12 months to a diverse group of tenants that have heavily invested in their infrastructure and benefit from excellent access to a deep low cost labor base. The Portfolio provides stable and secure cash flow with a balanced rollover schedule and contractual rental increases providing increasing yield over the hold period.

“This asset performed very well for us over our 10-year hold period. We strongly believe in the NJ industrial fundamentals and saw this as an opportunity to redeploy the capital into our value add business and  recently acquired 65 Industrial Street South, the former Glaxo building in Clifton, NJ,” says Sonny Jumani, president of Tulfra Realty. “Situated on 11 acres, the single-story headquarters-quality industrial building totals 201,000 square feet.  We will be marketing the property for lease or sale to a single tenant and anticipate a great deal of interest in this offering.”

“The sale of 10 & 200 Clifton to a private investment group from the West Coast is a prime example of private capital searching for yield and broadening their investment parameters,” says CBRE's Welsh. “J & L Real Properties was highly attracted by New Jersey's strong industrial fundamentals and the returns provided by this asset class.”