East Windsor, New Jersey (February 7, 2023) – TFE Properties, LLC, has announced the purchase of the Walgreens building in Aston, Pennsylvania. The 15,120 sq ft building, built in 1999, is situated on a 1.69-acre lot. This Walgreens features a convenient double drive-thru and is ideally located at the intersection of Concord and Pennell roads in a busy retail corridor which includes Giant, BigLots, Family Dollar, Dollar Tree, CVS, Wawa, Planet Fitness, Dairy Queen, Taco Bell, Wendy’s, Wells Fargo, TD Bank, and more.
Carey Tajfel, President of TFE Properties, says, “this was an appealing investment for us due to its location in a busy Philadelphia-adjacent retail hub near Neumann University and other attractions. Plus, the tenant is a top-performing Walgreens with a long history of successful operations.” The Walgreens is located in Aston Township, a dense, affluent location in the Philadelphia metro area, about 20 miles southwest of Center City Philadelphia.
Walgreens is the second largest pharmacy store chain in the United States, operating nearly 9,000 drugstores as of August 2021. Founded in 1901, Walgreens employs more than 240,000 people and is headquartered in Deerfield, Illinois. Walgreens has continuously and successfully operated in this Aston location for over 23 years.
For press inquiries and more information about TFE Properties, please contact Julia Coppock at (609) 944-4010 or [email protected].
About TFE Properties: TFE Properties is a real estate and land development company based in East Windsor, New Jersey. Best known for diverse offerings in nearly all asset classes, exceptional quality, and hands-on management, they develop strategically located commercial and residential properties from the ground up, in addition to purchasing existing properties where they see opportunities to create value. Their primary areas of focus include retail centers, single net tenants, hotels, office buildings, apartment complexes, storage facilities, and land development. For more information, visit www.tfeproperties.com.
TFE Properties Purchases Urban Outfitters Building in Westfield, NJ
East Windsor, New Jersey (January 12, 2023) – TFE Properties, LLC, has announced the purchase of the Urban Outfitters building in Westfield, New Jersey. This three-story building, which includes over 12,000 square feet of shoppable space, was formerly a bank branch, giving the location a unique and eclectic vibe. Urban Outfitters has operated this retail location for the past 10 years, and they plan to continue serving the growing and affluent Westfield community.
The building’s distinctive appeal is enhanced by the architectural features of the former bank that have been preserved and repurposed for retail use. The bank’s vault, which dates back to 1922, and safety deposit rooms were converted to fitting rooms and a sales area. The space includes ceiling cornices, extensive woodwork, a chandelier, a fireplace, and a new steel staircase suspended below a preexisting oculus and skylight. The store earned the Urban Outfitters “Store of the Year Award” in 2012.
Carey Tajfel, President of TFE Properties, says, “this building’s unique features, as well as its prominent location in the trendy town of Westfield, New Jersey, made it an excellent strategic investment for our company.” The building is steps away from the Westfield NJ Transit train station in a dense, walkable retail area that features national brands as well as local eateries and boutiques.
For press inquiries and more information about TFE Properties and Hotels Unlimited, please contact Julia Coppock at (609) 944-4010 or [email protected].
About TFE Properties: TFE Properties is a real estate and land development company based in East Windsor, NJ. Best known for diverse offerings in nearly all asset classes, exceptional quality, and hands-on management, they develop strategically located commercial and residential properties from the ground up, in addition to purchasing existing properties where they see opportunities to create value. Their primary areas of focus include retail centers, single net tenants, hotels, office buildings, apartment complexes, storage facilities, and land development. For more information, visit www.tfeproperties.com.
TFE Properties and Hotels Unlimited Announce Sale of Ramada Toms River, Purchase of Commercial Buildings in Toms River, Manalapan, East Brunswick
East Windsor, New Jersey (November 8, 2022) – TFE Properties and Hotels Unlimited (a division of TFE Properties) have finalized the sale of the Ramada of Toms River as of November 1, 2022. The company has also recently completed the purchase of medical/office space at 970 Hooper Avenue in Toms River, NJ, an office building at 500 Craig Road in Manalapan, NJ, and The Fields Sports Complex in East Brunswick, NJ.
In reference to the sale of the Ramada Toms River, company President Carey Tajfel says, “We thank all of our patrons and guests for 32 years of business. Our decision to sell the Ramada was based on significant interest in converting the building to meet the office needs of the local community. We have built many happy memories and deep ties within the Toms River area, and these ties will grow as we continue to operate the nearby Days Hotel Toms River and Hilton Garden Inn Lakewood hotels.”
When asked about the decision to purchase the new commercial assets, Tajfel noted that he plans to improve the quality of the assets to create more tenant interest in the properties. He anticipates attracting “medical or other qualified office tenants that are looking for an upgraded building which is operated by an excellent landlord with a reputation for quality and attention to detail.”
The Fields is fully occupied, but 500 Craig Road currently has four vacant spaces totaling about 15,000 RSF, and 970 Hooper Avenue has two vacant spaces totaling about 13,000 RSF. Current tenants of the Craig Road building include American Financial Network, Integrated Media Solutions, and others. TFE Properties plans to renovate all of the building’s common areas, redesign the new tenant spaces, and update the building façade and exterior. Current tenants of the Hooper Avenue building include CityMD and Fresenius Medical Care. TFE Properties plans to upgrade and renovate the building exterior and façade elements to give them a modern new look.
The growing TFE Properties portfolio includes projects in New Jersey and Philadelphia. The company specializes in buying properties that are well suited for development as well as properties that are underutilized and ripe for added value through renovation and market repositioning. TFE Properties looks forward to announcing a wide array of projects that are currently under development and coming soon.
For press inquiries and more information about TFE Properties and Hotels Unlimited, please contact Julia Coppock at (609) 944-4010 or [email protected].
Prospective tenants and brokers interested in available rental space at 500 Craig Road are invited to contact Eric Starker at (732) 972-2937 or [email protected].
Prospective tenants and brokers interested in available rental space at 970 Hooper Avenue are invited to contact Rachel Zagha at (609) 944-4050 x8632 or [email protected].
About TFE Properties: TFE Properties is based in East Windsor, NJ. Best known for their reputation for quality and hands-on management, they develop strategically located commercial and residential properties from the ground up, in addition to purchasing existing properties where they see opportunities to create value. For more information, visit www.tfeproperties.com.
About Hotels Unlimited: Hotels Unlimited, Inc., established in 1990, is a division of TFE Properties which now includes 10 hotels in locations throughout New Jersey affiliated with Holiday Inn®, Holiday Inn Express®, Radisson®, DoubleTree®, Hilton Garden Inn®, Days Inn®, Days Hotel®, and Sheraton®. Since 2012, their hotels have won over 52 TripAdvisor Certificates of Excellence, awarded to the top 10% of hotels nationwide. For more information about Hotels Unlimited, please visit www.hotelsunlimited.com.
15 Buildings / 174 Apartments Planned for Kirby Avenue Site
By Rod Hirsch
TAPinto Somerville
(November 1, 2022) Mayor Dennis Sullivan and Colin Driver, director of Economic Development for the borough, agreed that Monday’s early morning visit to the former Baler & Taylor book distribution warehouse on Kirby Avenue was the “beginning of the beginning.”
Remedial environmental work has been completed on the sprawling structure, built in 1968-69.
Long vacant, the building is slated for demolition by year’s end, according to Carey Tajfel, president of TFE Properties, a central New Jersey residential and commercial developer that has secured approval to construct 15 two-story buildings on the site with 174 apartments.
Baker & Taylor relocated to a plant on Route 22 in Bridgewater 16 years ago.
TFE is the latest in a long list of builders who had plans to develop the long-fallow industrial property alongside the NJ Transit Raritan Valley line in the southeastern corner of the borough.
Stephen Kessler, general counsel for Fernmoor Homes, whose home office is in Jackson was at a Borough Council meeting in April to update officials on their pending ownership of the property, which they had purchased from TFE Properties, but according to Driver, that deal fell through this summer, with ownership reverting back to TFE.
As part of the purchase agreement, TFE Properties worked through the summer completing some environmental remediation on the building before Fernmoor was to have assumed ownership.
According to preliminary plans, there will be 58 one-bedroom apartments and 116 two-bedroom apartments on the former book company property.
The one-bedroom apartments will range in size from 800 to 860 square feet; the two-bedroom units will range in size from 1,050-1,350 square feet.
K. Hovnanian had presented plans for 150 townhouses on the property as far back as 2005; strong neighborhood opposition convinced Hovnanian to look elsewhere.
More recently, Crusader Servicing Co. of Jenkintown, Pa., the financial servicing division of Royal Bank had plans for 5-6 townhouse buildings, each with 5 units, facing out on Kirby Avenue, with as many as five 4-story apartment buildings closer to the railroad tracks, as many as 225 housing units.
The developer would have needed a density waiver to move forward, but instead, chose to sell the property to TFE according to Driver.
TFE Properties is a real estate and land development company based in East Windsor in business since 1979.
“We develop strategically located commercial and residential properties from the ground up, in addition to purchasing existing properties where we see opportunities to create value,” Tajfel said.
“To develop from the ground up, we purchase vacant land, complete the approval process, and build out the projects,” he added. “We also purchase existing properties that are underperforming, or where we see potential to create additional value, and transform them through renovations and market repositioning.
Primary areas of development for TFE Properties include retail centers, single net tenants, hotels, office buildings, apartment complexes, storage facilities, and land development.