Legacy-Led Partnership Acquires Former Casio HQ in Dover for Redevelopment

126,000-square-foot facility near I-80 to be repositioned for industrial and commercial tenants by early 2026

A joint venture led by Legacy Real Estate Developers has acquired the former Casio America Inc. headquarters in Dover, securing a 126,108-square-foot mixed-use commercial property that will undergo light renovations before being reintroduced to the market. The acquisition includes both office and warehouse space and is strategically located just minutes from Interstate 80, offering appeal for logistics, manufacturing, and commercial users.

Legacy partnered with Saddleback Real Estate Developers and Commerce Park Investors to execute the all-cash transaction at 570 Mount Pleasant Avenue. The deal was brokered by Ellie Klapper, Executive Vice President at CBRE. While financial terms were not disclosed, representatives noted that Casio prioritized a rapid, no-contingency closing, selecting Legacy for its capacity to deliver quickly and reliably.

"Casio was looking for a quick-close transaction with no red tape," said Peter Feldman, president of Legacy Real Estate Developers, based in Fairfield. “Our ability to close fast is something that we can easily offer because of our long-term experience and resources.”

The 22.8-acre property comprises approximately 60,000 square feet of office space and 70,000 square feet of industrial space, with specifications including 26-foot ceiling heights, eight loading docks, two drive-in doors, and 275 parking spaces. Legacy said the site’s flexible layout and infrastructure are well-suited for single-user headquarters or multi-tenant industrial operations.

The venture plans to offer the property for lease or sale by early 2026, following targeted upgrades intended to improve functionality without altering the building’s core attributes.

The acquisition comes amid Casio’s regional footprint shift. The electronics company recently relocated its headquarters to 185 Hudson Street in Jersey City and opened a new operations center at 100 Enterprise Drive in Rockaway Township, collectively occupying around 35,000 square feet across the two sites. The sale of the Dover campus represents a broader strategy by Casio to streamline operations and modernize its real estate holdings.

Legacy, which has been rapidly expanding its portfolio, sees the acquisition as a chance to unlock value in a “functionally excellent but underappreciated” asset.

“The Casio building is immaculate with an unbeatable location. It’s the type of acquisition that lets us create value immediately while preserving the site’s long-term potential,” said Feldman.

Feldman’s background includes managing and financing more than $100 million in transactions across office, industrial, and mixed-use properties. He launched Legacy after holding leadership roles at Tulfra Real Estate and Saddleback, where he worked under the mentorship of Salvatore Frassetto, now chairman of Saddleback and a partner in the Dover deal.

“Peter has carried forward the same discipline, intuition and integrity that have guided our business for more than forty years,” Frassetto said. “With Legacy, he’s expanding that foundation — bringing new energy and vision to meet the demands of a new generation of investors and tenants.”

The property’s location in Dover, along the western corridor of Morris County, provides direct access to I-80 and is expected to attract tenants in distribution, light manufacturing, and commercial services, especially as demand grows for well-located industrial inventory in northern New Jersey.