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42 Cindy Lane in Ocean Township — Courtesy: TFE Properties
By Joshua Burd
TFE Properties has sold one of its longtime hotel properties in New Jersey, having also expanded to a new asset class with an acquisition less than 30 miles away.
The firm, through its Hotels Unlimited division, said it completed its trade of the Days Inn by Wyndham East Windsor earlier this month. It did so while thanking patrons and guests for 29 years of business at the property, located just off the New Jersey Turnpike at 460 Route 33 East.
“Our decision to sell the Days Inn was based on wanting to upgrade our hotel portfolio and expand our real estate ventures,” said Carey Tajfel, TFE’s president. “We have many happy memories and have forged deep ties within the East Windsor area, and these ties will only strengthen as we continue to operate the nearby Holiday Inn East Windsor and our corporate offices for Hotels Unlimited and TFE Properties.”
TFE announced the deal this week while also detailing its purchase of 42 Cindy Lane, a 30,230-square-foot warehouse and flex building in Ocean Township. The trade marks the firm’s entrance to the asset class, noting that its portfolio now includes hotels, retail, office, self-storage, multifamily and industrial.
“We’re excited to expand into this new category, and we’re proud to have an exceptional, ever-growing portfolio in all asset categories,” Tajfel said.
Built in 1989, the single-story facility sits on 5.08 acres and is fully leased to tenants including Cooper Electric and KMSCO Inc., according to a news release. The building is near routes 35, 18, 33 and the Garden State Parkway, TFE said, adding that it’s less than three miles from the site of a new 100,000-square-foot Amazon fulfillment center.
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