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$78M Takes 2M-SF-Plus Industrial Portfolio

RIDGEWOOD, NJ-Heritage Capital teams up with its two investment partners to buy three distribution center properties from KB Toys.

By Eric Peterson | Updated on October 02, 2007

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.

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