Rochelle Park-based Tulfra Real Estate Principals S. Lloyd Tulp and Salvatore Frassetto said July 13 that Sonny Jumani was appointed president and chief executive officer of the real estate management and development firm.
Tormer CEO Tulp will now serve as co-chairman along with Frassetto.
“Sonny has led Tulfra Real Estate through a significant company repositioning and transformation, from an industrial real estate developer to the premier specialist in the revitalization of underperforming and underutilized commercial properties,” said Tulp. “Sonny is an indispensable leader, and we at Tulfra are excited for the next chapter, with Sonny in the lead in his new role as president and CEO.”
Jumani has been a part of Tulfra Real Estate for 15 years; he was named partner and president of the firm in 2014. During that time, he managed Tulfra’s portfolio of 4 million square feet of properties.
“Redevelopment is an art, not a science,” Jumani said. “It takes years of experience to know with certainty which sites have the most potential to bring value and purpose back to their communities. At Tulfra, we are on a mission to find value and monetize these properties for our investment partners and their communities. I am proud to continue that mission as president and CEO of Tulfra Real Estate.”
Under Jumani’s leadership, Tulfra has repositioned itself from a developer of industrial and leasing to a complete ground-up organization, with robust resources to turn around properties with the potential to add value to their communities.
“We will continue to focus on four main asset classes: service retail, multifamily, self-storage, and industrial properties,” Jumani said. “When a municipality or property owner partners with us, they access experts in investment, redevelopment, construction, and leasing – all specialties that contribute to a great success story.”
Jumani added that Tulfra Real Estate redeveloped 500,000 square feet during the COVID-19 pandemic, navigating the unprecedented challenge of a global shutdown that greatly slowed commercial real estate.
Tulfra Real Estate, together with longtime joint venture partner The Hampshire Cos. completed site work at Park 11, the redevelopment of the former Roche Diagnostics site in Belleville, into a 500,000-square-foot mixed-use center featuring a Wawa and Extra Space Storage, among other available retail pads.
The firm is also completing the redevelopment of a 20-acre former municipal site in North Haledon, transforming the once-idle property into Molly Brook at Belmont, a 180-unit luxury rental community. The project is currently open, with occupancy scheduled for Aug. 15.
Tulfra is also currently developing the mixed-use, Village Center of Rochelle Park on the former 7.5-acre Mack-Cali and AT&T data center site. Located across the street from the Westfield Garden State Plaza – one of the largest malls in New Jersey – the property will be home to 8,000 square feet of build-to-suit retail space, a 160-unit luxury apartment complex, and a public park.
A 100,000 square-foot, 816-unit self-storage facility was recently completed and sold.