RIDGEWOOD, NJ-Newly formed Heritage Capital Group has teamed up with equity partners Barrow Street Capital and Greenfield Partners to buy three distribution centers from KB Toys. The three properties, totaling 2.2 million sf in three states, traded for $77.5 million, or about $35 per sf.

The deal marks the second pick-up by the trio of partners. As reported by GlobeSt.com, Heritage Capital was formed in May by Jeffrey and Steven Greenberg, principals of Heritage Management, and veteran real estate executive Robert Martie. In June, the new group teamed with Barrow and Greenfield to buy the 112,568-sf Plaza Nine office building in Woodbridge, NJ for $22 million.

The three KB properties are located in Clinton, NJ with 730,000 sf, Glendale, AZ with 620,000 sf and Montgomery, AL with 840,000 sf. Under the terms of the deal, KB has leased back all three buildings for six months. After that, the toy retailer will remain in 480,000 sf in Clinton and 375,000 sf in the Arizona property, and will vacate the Alabama site.