Tulfra Sells NJ Industrial Portfolio
- Jan 09, 2018
Tulfra Real Estate has disposed of an industrial portfolio comprising four net-leased properties totaling 254,000 square feet across Northern New Jersey. NKF Capital Markets represented Tulfra in the deal.
The single-tenant assets were sold at 100 percent interest. Ranging in size from 38,000 to 141,000 square feet, tenants include plastics manufacturers and assembly, storage, private label supplement development, light industrial and office firms. Each building is located within five miles of a major New Jersey thoroughfare, offering easy connectivity.
Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Financial Analyst Jason Emrani of NKF’s Tri-State Capital Markets Team completed the transaction and procured the buyer. The NKF Capital Markets Debt & Structured Finance team of Vice Chairmen & Co-Heads Jordan Roeschlaub and Dustin Stolly, Managing Director Dan Fromm and Associate Robert Tonnessen, secured acquisition financing for the purchase.
“The Portfolio represents another successful repositioning by Tulfra, who spent millions in upgrades, limiting capital exposure and enhancing curb appeal of the properties,” said Schulz, in prepared remarks. “Demand for well-located industrial assets is at an all-time high, with very few offerings in the market. The buyer will benefit from long-term, stable cash flow secured by 9.6± years of remaining lease term with contractual rent bumps providing increasing yield.”
Most recently, NKF Capital Markets also arranged the sale of a two-building, 426,866-square-foot industrial facility in Salt Lake City for $37.2 million.
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