Business View Magazine | December 2020

339 BUSINESS VIEW MAGAZINE DECEMBER 2020 As the official redeveloper for the former Roche Diagnostics property in Belleville, Tulfra Real Estate together with its joint venture partner, The Hampshire Companies, have built an enviable reputation for transforming non-performing assets into successful communities in all asset classes including commercial, hotels, healthcare, and residential. These projects generate significant jobs and tax revenue. The Rochelle Park, New Jersey-based industrial real estate and management firm works closely with municipalities to identify underutilized or abandoned properties and explore ways to transform them into successful projects that attract good tenants, enhance the quality of life, and help municipalities boost their bottom line. Under the leadership of Sonny Jumani, president, Tulfra Real Estate combines more than 100 years of experience in finance, construction, and real estate management and uses that experience to maximize a property’s potential and value. In Belleville, Tulfra’s vision is nowhere more evident than at Park11, located on Franklin Avenue in the township. Originally a copper mill, the 20-acre property was home to Roche Diagnostics. It sat empty and unused from 2007 until 2015, when Tulfra and Morristown, New Jersey-based real estate investment firm The Hampshire Companies acquired the property. The partners have a decades-long relationship and have combined to develop more than three million square feet, including the 1,000,000 square foot mixed-use Park11. It was clear to Tulfra and the Hampshire Companies that Park11 had potential for Belleville: in the heart of one of New Jersey’s largest residential centers, Park11 is convenient to highways and located close to large employers, including the Clara Maass Medical Center. Park11 is certain to attract shoppers and residents, and most importantly, generate revenue for the town in a place that sat unproductive for nearly a decade. It was with the tireless efforts of Mayor Melham and the town council that helped this project come to fruition. The Mayor encouraged and improved the re-development plan. Today, the mixed-use development is home to a Wawa and Extra Space Storage, both of which entered into long-term ground leases. Additional hotel and retail pads are available for lease at Park11, including quick service dining, pharmacy, and medical office space. Similar sites are underway across the Garden State, among them the transformation of the former AT&T data center in Rochelle Park into Village Center. The 7.5-acre obsolete site, directly across from the Garden State Plaza, is being redeveloped into a mixed- use center comprised of luxury apartments, retail, and self-storage. Similarly, Tulfra and The Hampshire Companies are redeveloping 920 Belmont Avenue in North Haledon, into a 180-unit luxury apartment community on the former unused municipal site. ...... For more information, please visit our website www.tulfra.com