Peter Feldman (left), president of Legacy Real Estate Developers, and Sal Frassetto, chairman of Saddleback Real Estate Developers, mark the conclusion of a plan to reposition the former Casio America Inc. headquarters at 570 Mount Pleasant Ave. in Dover. — Courtesy: Legacy
By Joshua Burd
A team led by Legacy Real Estate Developers has sold the former Casio America headquarters building in Dover, completing a plan that repositioned more than 126,000 square feet of industrial and office space in less than nine months.
The buyer, Z Transportation Inc., paid an undisclosed price for the property at 570 Mount Pleasant Ave. and roughly a mile from Interstate 80. The privately owned freight and logistics company will use the space as its corporate headquarters, bringing new life to a property that Casio America Inc. vacated last year in favor of new offices in Jersey City and Rockaway.
The partnership of Legacy Real Estate Developers, Saddleback Real Estate Developers and Commerce Park Investors acquired the 126,108-square-foot complex last October in an all-cash deal, the firms said, while their value-add investment strategy focused on speed, certainty of execution and identifying a user capable of maximizing the building’s long-term potential. That included securing local planning approvals tied to Z Transportation’s operational requirements for the site, including parking and circulation modifications designed to support its long-term use of the facility.
That helped add value to a 22.8-acre property that includes some 70,000 square feet of warehouse space and 60,000 square feet of office space.
“This was the perfect opportunity for our partnership,” said Peter Feldman, president of Legacy Real Estate Developers. “Our ability to move quickly with certainty, navigate approvals and structure solutions for the end user helped make this a win for everyone involved. The property checked every box for a corporate headquarters operation with excellent highway access and existing infrastructure already in place.”
CBRE Executive Vice President Elli Klapper represented the seller in the transaction, while Dan Whitehead of Resource Realty of Northern New Jersey represented the buyer. Jason Rubin of Schenck Price Smith & King LLP served as legal counsel to the ownership team.
“Saddleback’s president, Terry Frassetto, and I have always agreed that in today’s market, certainty and execution matter as much as pricing,” said Salvatore Frassetto, chairman of Saddleback Real Estate Developers. “Our reputation has always been built on doing exactly what we say we’re going to do. That credibility continues to create opportunities for us, especially in transactions that require speed, experience and problem-solving.”
The deal also highlights continued demand for strategically located industrial and flex properties throughout northern New Jersey, particularly assets capable of supporting headquarters, logistics and transportation-related operations, the news release said.
“The approval process was an important part of making this deal successful,” said Roy Pascal, a principal at Commerce Park Investors. “Because we understand both the real estate and municipal side of these transactions, we were able to help guide the project efficiently through the process and create a solution that worked for the buyer and the community.”
Legacy-led JV acquires 126,000 sq. ft. former Casio headquarters in Morris County
