Urban Edge Properties Wednesday announced that Tommy’s Tavern & Tap will open a new 9,160-square-foot restaurant at Ledgewood Commons in Ledgewood, which is part of Morris County. Tommy’s adds a new dining category for the property, providing table service, a varied menu and a full cocktail program on a prime pad location. According to its website, this will be the 12th Tommy’s location in New Jersey.
This is the first lease deal for the center since it was acquired by Urban Edge.
“Ledgewood Commons has a high-demand tenant mix, and we’re confident that our shoppers and the greater community will embrace the addition of regional operator Tommy’s Tavern,” said Ronnie Bertrand, director, Leasing for Urban Edge. “Additionally, the restaurant has a loyal regional following, and we know they will draw new visitors to the center.”
Strategically located at Route 46 and Route 10 in Ledgewood, Ledgewood Commons is anchored by Walmart, Marshalls and Burlington, and it offers important and essential retail for the community. Featuring national retailers including Ulta, DSW, Starbucks and Chipotle, this prime location will draw new customers for Tommy’s Tavern from the region.
Tommy’s Tavern worked with Tyler Bennett of Bennett Realty & Development on this transaction. Mike Testa of Jeffery Realty represented Urban Edge.
??Peter Feldman was appointed president of Legacy Real Estate Developers by Salvatore V. Frassetto, chairman of Fairfield-based Saddleback Real Estate Developers and founder and co-chairman of Tulfra Real Estate. Frassetto founded Legacy Real Estate Developers in 2023 to diversify and expand the family’s real estate investment portfolio. Legacy focuses on identifying, acquiring, and managing distressed or undervalued properties.
Feldman joined Saddleback in 2018, where he was responsible for overseeing the accounting and financial operations of the Frassetto family’s commercial real estate portfolio in New Jersey. Feldman has managed more than 20 million square feet of office and industrial properties, with projects valued at more than $1 billion.
“For years, Pete has been an integral part of managing Saddleback’s finances and has demonstrated a keen understanding of, and passion for, the needs of northern New Jersey’s commercial real estate market,” Frassetto said. “The reins at Legacy Real Estate Developers are in incredibly capable and talented hands.”
As president of Legacy Real Estate Developers Feldman is responsible for all financial, managerial, and operational oversight of the firm and its projects. His goal is to grow the Legacy portfolio over the next few years, identifying and investing in a wide range of industrial and warehouse properties, including distressed commercial real estate that shows potential to turn into revenue-generating properties for their communities.
“For decades, the Frassetto family has been an essential part of northern New Jersey’s commercial and residential real estate development, and I’m honored to carry that legacy forward as president of Legacy Real Estate Developers,” Feldman said.
Legacy Real Estate Developers is one of several real estate-focused firms established and built by Sal and the Frassetto family. His daughter, Andrea Frassetto-Sidlovsky, runs the Franklin Lakes-based custom residential property company Garden State Homes, while his son-in-law, Robert Adams, is principal and broker of record of Fairfield-based Garden State Realty.