Peter Feldman is president of Legacy Real Estate Developers — Courtesy: Legacy
By Joshua Burd
Legacy Real Estate Developers has made another addition to its portfolio, acquiring a nearly four-acre industrial property in Linden in partnership with Commerce Park Investors and Saddleback Real Estate Developers.
According to the firms, the parcel at 801 East Edgar Road includes an 11,704-square-foot office and warehouse building and is just 2.3 miles from the New Jersey Turnpike. It’s also just over six miles from Port Newark-Elizabeth, adding to the allure of a site that the partnership now plans to improve significantly, as it looks to enhance its appeal for potential industrial users and support the tract’s long-term value.
The closing for the all-cash deal came within 24 hours of another transaction by Fairfield-based Legacy Real Estate Developers, which recently announced the addition of a two-building, 29,626-square-foot portfolio in Moonachie.
“What attracted us to this opportunity was simple: an exceptional location at a very attractive price,” said Peter Feldman, the firm’s president. “Properties positioned this well don’t become available very often. We see an opportunity to enhance an already strong asset through strategic improvements and active management while continuing to grow our industrial portfolio with well-located industrial properties.”
Roy Pascal, a principal at Commerce Park Investors, added: “When you look at the accessibility this property offers, it’s easy to understand why this location is so attractive. You’re minutes from the ports, the airport, the Turnpike and major highways. Those advantages are difficult to duplicate and continue to drive demand for well-located industrial properties.”
The firms noted that the site, which is eight miles from Newark Liberty International Airport and minutes from the Goethals Bridge, is at the center of one of the region’s most important industrial markets. It serves a population of some 5 million people within a 15-mile radius, giving it a location that is an attractive option for logistics, warehousing, manufacturing, transportation, distribution and a wide range of other users.
“We’re excited about the opportunity to build on an already strong asset,” said Salvatore Frassetto, chairman of Saddleback Real Estate Developers. “Our plans include strategic site improvements that will enhance the property’s functionality while positioning it to meet the evolving needs of industrial users. Together with Saddleback’s President Terry Frassetto, we believe those investments will continue to add value over time.”
Feldman added: “This acquisition is another step in our continued expansion throughout northern New Jersey. We’re actively pursuing additional opportunities that complement our portfolio and support our long-term growth strategy.”
Legacy, Commerce Park grab two Moonachie industrial buildings totaling 30,000 sq. ft.
