Peter Feldman (left), president of Legacy Real Estate Developers, and Sal Frassetto, chairman of Saddleback Real Estate Developers, pose at the former Casio America Inc. headquarters in Dover after their firms acquired the property at 570 Mount Pleasant Ave. — Courtesy: Legacy
By Joshua Burd
A joint venture has acquired the former Casio America Inc. headquarters in Dover, adding more than 126,000 square feet of commercial space that it will update and look to fill with new users.
The lead buyer, Legacy Real Estate Developers, partnered with Saddleback Real Estate Developers and Commerce Park Investors in the all-cash deal at 570 Mount Pleasant Ave. That marks a key addition to Legacy’s fast-growing portfolio, the firm said, noting that the complex includes both industrial and office space that is minutes from Interstate 80.
CBRE Executive Vice President Ellie Klapper arranged the sale, terms of which were not disclosed.
“Casio was looking for a quick-close transaction with no red tape,” said Peter Feldman, president of Fairfield-based Legacy Real Estate Developers. Our ability to close fast is something that we can easily offer because of our long-term experience and resources.”
The deal originated when a CBRE marketing release for the property reached Salvatore Frassetto, chairman of Saddleback Real Estate, and later Feldman, the firms said. Legacy moved quickly in recognition of the 126,108-square-foot facility’s potential, they said, while Casio prioritized a buyer with a track record of reliability and an ability to meet aggressive timelines.
Located on 22.8 acres, the corporate-quality asset comprises some 60,000 square feet of office space and 70,000 square feet of warehouse space, Legacy said. That includes 26-foot warehouse ceiling heights, eight dock doors, two drive-in doors and some 275 parking spaces, while its proximity to I-80 figures to attract logistics, distribution and advanced-manufacturing users.
The Legacy team will make what it described as light renovations to the Dover facility, which it will market for lease or sale in early 2026. The firm added that the building’s configuration and infrastructure make it ideal for a single-user headquarters or multitenant industrial operations.
The deal follows Casio’s announcement that it would leave its longtime campus and lease nearly 35,000 square feet of office space across two new locations, including a headquarters at 185 Hudson St. in Jersey City and an operations center at nearby 100 Enterprise Drive in Rockaway Township. The moves, which it disclosed earlier this year, came as part of a plan to reconfigure its footprint in the region.
“We look for properties that are functionally excellent but underappreciated,” Feldman said. “The Casio building is immaculate with an unbeatable location. It’s the type of acquisition that lets us create value immediately while preserving the site’s long-term potential.”
Legacy noted that Feldman has managed and financed more than $100 million in transactions across industrial, office and mixed-use sectors after starting his career under Frassetto. He held key roles with Tulfra Real Estate and Saddleback before founding Legacy.
“Peter has carried forward the same discipline, intuition and integrity that have guided our business for more than forty years,” Frassetto said. “With Legacy, he’s expanding that foundation — bringing new energy and vision to meet the demands of a new generation of investors and tenants.”
Casio leases 35,000 sq. ft. in Jersey City, Rockaway office deals in new real estate strategy
