611 Union Blvd. in Totowa — Courtesy: Legacy Real Estate Developers
By Joshua Burd
Legacy Real Estate Developers has sold a nearly 27,000-square-foot commercial building in Totowa after acquiring it earlier this year and repositioning it for a new owner.
The buyer, Noor Food Manufacturing, paid an undisclosed price for the industrial and flex property at 611 Union Blvd., according to a news release. The family-operated venture is relocating from Clifton and will use the facility for its business-to-business food manufacturing services, which include dry roasting, coating and flavoring, dicing and processing, private-label manufacturing, repackaging and custom formulation.
Legacy Real Estate Developers completed the sale with its joint venture partner, Commerce Park Investors, following their acquisition of the 26,630-square-foot building in February. Howard Weinberg of JLL represented the sellers, while Aron Fulop of Ridge Stone Realty Group represented the purchaser.
“This is a great example of what we mean when we talk about adding value,” said Peter Feldman, president of Legacy Real Estate Developers. “We didn’t simply buy a property, improve it and find a buyer. We took responsibility for solving an issue that could have stood between the buyer and its ability to use the building. We understood the process, we were confident we could navigate it and relieve the buyer of the cumbersome responsibilities that come with going through it.”
According to the firm, the property is in a hybrid commercial-industrial zone where Noor Food Manufacturing’s proposed use was not expressly permitted. That necessitated a total use variance, which was required before the company could operate at the site.
Rather than make that the buyer’s responsibility, Legacy and Commerce Park Investors secured and covered the cost of all zoning variances, the firms said, giving Noor Food a clearer path to its intended use of the building. Legacy noted that the application required two to three months to reach the board of adjustment calendar.
“This project required us to look at the entire transaction, not just the real estate,” said Roy Pascal, a principal at Commerce Park Investors. “Improving the building was one part of it. Understanding what the buyer needed, working through the municipal process and getting the property to the point where that business could actually operate there were equally important.”
Feldman added: “This is exactly the kind of transaction that demonstrates the strength of our philosophy. We saw an opportunity in the property, made meaningful improvements, worked through a challenging approval process and found a new owner that can put the building to productive use. It worked for the buyer, it worked for us and it brought a new business into the community.”
Legacy, Commerce Park buy 27,000 sq. ft. industrial property in Totowa
Dining and Cooking