BELLEVILLE, NJ—Tulfra Real Estate has completed its acquisition of the former Roche Diagnostics property in Belleville, NJ, and Tulfra CEO Sonny Jumani says the site is big enough to support a hotel and two restaurants, among other uses.
The Rochelle Park, NJ-based industrial real estate and management company has teamed up with Morristown, NJ-based Hampshire Companies to acquire the 20-acre vacant parcel at Franklin Avenue and Mill Street. The partners, which have a decades-long relationship and have combined to develop more than three million square feet, intend to redevelop the strategically located site and are in the process of considering redevelopment options and plans for the property.
The Township of Belleville has conditionally designated Tulfra as the redeveloper of the site, which Roche previously used for a manufacturing facility.
“It's a very strategic location, it's right next to Clara Moss Hospital,” Jumani tells GlobeSt.com exclusively. “We think the existing development plan that the town adopted allows a multitude of users, by way of example, hotel, pharmacy, restaurants, medical schools. We haven't formalized our plan yet but it will be in line with the development plan for the site.”
Jumani thinks an upscale restaurant and a fast food restaurant would be a good combination on the site, to serve visitors and employees at the hospital. He also says a hotel would be a logical addition as well.
“Belleville and Roche have been invaluable in making this transaction possible,” Jumani says. “Both saw the benefits of adding Tulfra and Hampshire's team to the project.”
Tulfra Real Estate and its affiliates currently own and manage four million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. The firm currently has an additional 500,000 square feet under development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
