ARTICLE
Tulfra Real Estate announced today that they have secured a $6.37 million loan to fund the construction of three additional retail pads at Park11 in Belleville, New Jersey. The lender is First Bank of Hamilton, N.J. The lending officer on the deal is Michael B. Cook, SVP/Investment Real Estate Manager. Jon Mikula and Michael Klein of JLL in Morristown, N.J., represented Tulfra. “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, President and CEO, 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 who 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. The redevelopment project is a joint venture between Tulfra Real Estate, redeveloper for the Township of Belleville, and The Hampshire Companies. The longtime partners acquired the Park11 site in 2015, working since to transform the then-vacant former Roche Diagnostics location into a master-planned hub for the community. Site work was completed in 2020, including the installation of a traffic light and roadways throughout the development. “For decades, we have worked closely with The Hampshire Companies 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.” 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. It’s at the heart of one of the most populated residential centers in New Jersey. Commuters and residents alike enjoy easy access to major roadways like the Garden State Parkway, the New Jersey Turnpike, and Routes 21, 3, and 17. Ownership is actively marketing retail pads of various sizes at Park11. For more information, visit www.park11nj.com or call (201) 587-9797.