Heritage Management Co. on Friday announced its acquisition of a 2.5 million-square-foot industrial portfolio spanning three states, which boosts its company holdings to more than 4 million square feet.
The off-market acquisition, which includes 13 warehouse/distribution buildings located in New York, Pennsylvania and Ohio, totaled $86 million.
At the time of purchase, the portfolio was 95 percent occupied by such tenants as Staples, Iron Mountain, Wegmans, Sumitomo and Owens Brockway.
David Werner of Brooklyn, N.Y., and American Landmark Properties of Chicago were the portfolio’s previous owners.
Heritage Management, based in Ridgewood, N.J., also used 1031 Exchange monies from the recent sale of 990 Stewart Ave. in Garden City, N.Y., to fund the purchase.