Tulfra Real Estate and The Hampshire Cos. are planning to transform a former Glaxo SmithKline manufacturing plant in Clifton into a new single-tenant industrial building, the firms said.The developers unveiled their plans this week as they prepare to raise the roof of the 202,000-square-foot building at 65 Industrial St., which they acquired recently, to 27 feet from 15 feet. When complete, the renovated property will include 28,000 square feet of new office space.
“The lift will be accomplished in stages — initially 80,000 square feet and then 100,000 square feet,” Sonny Jumani, president and partner of Rochelle Park-based Tulfra, said in a prepared statement.
The transformed property will also include new lighting and sprinklers, a new exterior and new mechanical and electrical systems, according to a news release. The property already includes 16 loading docks and 200 parking spaces.
The single-story, freestanding building occupies 11 acres near Route 3, the New Jersey Turnpike and Garden State Parkway.
“Tulfra’s tenant base of food, pharmaceuticals and technology companies demands high-end finishes in their buildings,” Jumani said. “The repositioning will make 65 Industrial St. South extremely functional and appealing. There is very little competition in the market for facilities in that size range, and no space like it currently available in the Meadowlands market.”
Tulfra and Morristown-based Hampshire have combined to develop more than 3 million square feet together, the news release said.
“The fundamentals of the New Jersey industrial real estate market are very strong, and we saw this acquisition as an opportunity to redeploy the capital into our value-add business,” said Lloyd Tulp, managing member of Tulfra. “We will be marketing the property for lease or sale, and expect to see a great deal of interest in this offering.”
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