611 Union Blvd. in Totowa — Courtesy: Legacy Real Estate Developers / Commerce Park Investors
By Joshua Burd
A joint venture has acquired a nearly 27,000-square-foot industrial building in Totowa with plans to modernize and reposition it as a mixed-use commercial property.
The partners, Legacy Real Estate Developers and Commerce Park Investors, paid an undisclosed price for the facility at 611 Union Blvd. and just north of Interstate 80. They’re now eyeing a major update that will yield a mix of industrial, flex and retail space, seeking to leverage its highway access, proximity to two commuter rail lines and connections to Newark Liberty International Airport and Port Newark-Elizabeth roughly 20 miles away.
JLL’s Howard Weinberg brokered the sale of the 26,630-square-foot building, which opened in 1980 as the home of Knickerbocker Machine Shop, a longstanding regional manufacturer that expanded into new markets under the Alloy Stainless Products company name.
“This acquisition reflects the type of strategic investment for both firms that we continue to prioritize across New Jersey,” said Salvatore Frassetto, chairman of Legacy Real Estate Developers. “Northern New Jersey remains a critical industrial market, and Totowa in particular offers strong fundamentals — from workforce availability to transportation access. Properties like 611 Union Boulevard allow us to invest thoughtfully while maintaining a long-term view of market demand.”
Peter Feldman, Legacy’s president, added: “611 Union Boulevard offers a solid industrial footprint in a supply-constrained region where demand remains steady. Its layout and location make it an asset that can support a variety of users while fitting seamlessly into our broader portfolio strategy.”
The deal marks the fourth joint venture partnership involving Legacy and Commerce Park Investors.
“This is the type of asset that checks the right boxes for us,” said Roy Pascal, owner of Commerce Park Investors. “It’s a well-sized industrial asset in a proven market, supported by strong transportation that matters to today’s tenant. We see long-term value in properties like this, particularly in markets where industrial real estate remains limited.”
The two firms have partnered in the past to acquire 2 Readington Road in Branchburg, the former Casio headquarters at 570 Mount Pleasant Ave. in Dover and 1 Apollo Drive in Whippany. They’re now marketing the 1.05-acre site in Totowa for sale or lease.
“Our approach is consistent — identify well-located industrial assets, move decisively and position them for long-term performance,” Feldman added. “This acquisition is another example of how experience, market knowledge and collaboration come together to create lasting value.”
