Fairfield-based Legacy Real Estate Developers, in partnership with Commerce Park Investors, acquired two industrial properties at 10 Willow Street and 1 Barrett Avenue in Moonachie. The all-cash transaction adds approximately 30,000 square feet to the firm’s growing Northern New Jersey industrial portfolio.
The acquisition includes two freestanding buildings: a 19,100-square-foot facility at 10 Willow Street and a 10,526-square-foot building at 1 Barrett Avenue.
“What attracted us to this opportunity was simple: strong industrial fundamentals, an excellent location, and a clear path to creating value,” Peter Feldman, president of Legacy Real Estate Developers said. “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.”
Prime location and strategy
Situated within the Meadowlands industrial corridor, the site offers proximity to critical regional infrastructure, including Interstate 95, Interstate 80, Route 17, Route 46, and Teterboro Airport. This strategic location provides tenants with high-speed access to the New York metropolitan area, a region that continues to see robust demand for warehousing and manufacturing space.
The ownership group plans to implement capital improvements to the properties, which already feature modern roof systems and flexible layouts suitable for a wide range of industrial users.
“We continue to look for well-located industrial properties where thoughtful investment can create additional value,” noted Roy Pascal, 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.”
A disciplined approach
For Legacy Real Estate Developers, the acquisition underscores a long-term strategy of identifying underutilized assets and applying institutional-level management to unlock value. Chairman Salvatore Frassetto, who brings over four decades of industry experience to the firm, noted that the deal aligns with the company’s history of navigating complex market cycles.
“For more than forty years, our organization has focused on identifying opportunities where experience and execution create a competitive advantage,” Frassetto said. “We continue to seek assets in strong locations where thoughtful investment, strategic repositioning, and hands-on ownership can create long-term value.”
Maurice Assia, vice president of the Industrial and Office Division at Horvath & Tremblay, represented the seller in the transaction.
