Peter Feldman, president of Legacy Real Estate Developers, recently announced that the firm has completed the acquisition of 611 Union Blvd. in Totowa.
The 26,630-square-foot industrial property was purchased in a joint venture partnership with Commerce Park Investors of East Hanover. This is the fourth joint venture between Miami-based Legacy Real Estate Developers and Commerce Park Investors. Financial terms were not disclosed.
Howard Weinberg of JLL was the broker on the transaction.
The property is situated on 1.05 acres and consists of industrial and flex space. Originally built in 1980, the site was home to Knickerbocker Machine Shop, a regional manufacturer that expanded into new markets under the Alloy Stainless Products company name.
Plans call for redevelopment into a mixed-use industrial, flex, and retail property.
“This acquisition reflects the type of strategic investment for both firms that we continue to prioritize across New Jersey,” said Legacy Real Estate Developers Chairman, Salvatore Frassetto. “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 Blvd. allow us to invest thoughtfully while maintaining a long-term view of market demand.”
The property is near routes 80, 46, and 23. The area also benefits from proximity to regional transportation, including two commuter rail lines about 1.5 and 2.8 miles away, as well as access to Newark Liberty International Airport and the Port Newark–Elizabeth Marine Terminal, each located roughly 20 miles from the site.
“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 collaboration between Legacy Real Estate Developers and Commerce Park Investors has included prior New Jersey acquisitions at 22 Readington Road in Branchburg, the former Casio headquarters at 570 Mount Pleasant Ave. in Dover, and 1 Apollo Drive in Whippany.
