10 Willow St. in Moonachie — Courtesy: Legacy Real Estate Developers
By Joshua Burd
Legacy Real Estate Developers is expanding its North Jersey industrial holdings, acquiring nearly 30,000 square feet in Moonachie in a new partnership with Commerce Park Investors.
According to the firms, the properties include a 19,100-square-foot facility at 10 Willow St. and a 10,526-square-foot building at 1 Barrett Ave. Both have newer roof systems and flexible industrial layouts suitable for a variety of industrial users, they said, adding to the appeal of a location near the New Jersey Turnpike, Interstate 80 and other highways that provide access to points throughout the New York metropolitan region.
Ownership plans to make some capital improvements and repairs designed to enhance the properties’ value while actively pursuing additional acquisitions across the region.
“What attracted us to this opportunity was simple: strong industrial fundamentals, an excellent location and a clear path to creating value,” said Peter Feldman, president of Fairfield-based Legacy Real Estate Developers. “These are exactly the types of acquisitions we pursue. The properties are located in one of the region’s most established industrial corridors and provide the flexibility to create value through strategic improvements and hands-on asset management.”
Maurice Assia, a vice president with Horvath & Tremblay’s industrial and office division, represented the seller in the all-cash transaction. Terms were not disclosed.
“We continue to look for well-located industrial properties where thoughtful investment can create additional value,” said Roy Pascal, a principal of Commerce Park Investors. “The portfolio at 10 Willow Street and 1 Barrett Avenue aligned perfectly with our investment strategy, and we’re excited to partner with Legacy on another acquisition that we believe offers tremendous long-term potential.”
The firms announced the deal Monday while noting that the region continues to benefit from strong industrial demand driven by warehousing, manufacturing and users seeking proximity to major transportation networks and population centers.
“For more than 40 years, our organization has focused on identifying opportunities where experience and execution create a competitive advantage,” said Salvatore Frassetto, chairman of Legacy Real Estate Developers. “This acquisition reflects the same disciplined approach that has guided our business for decades. We continue to seek assets in strong locations where thoughtful investment, strategic repositioning, and hands-on ownership can create long-term value.”
Feldman added: “We’ve built our acquisition strategy around identifying underutilized properties and acting decisively when opportunities arise. That same disciplined approach continues to guide our search for low-performing and underutilized industrial assets where strategic capital improvements and repositioning can unlock long-term value.”
