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CHESTER, NY-Heritage Management Co. of Ridgewood, NJ has acquired 32 Leone Lane in the Chester Industrial Park for $11.3 million. The privately owned real estate firm reports it purchased the 287,000-sf distribution facility in a sale-leaseback transaction from Elmsford-based Amscan Inc.

Heritage officials note that three months ago Amscan acquired Party City, which maintained a distribution center at 32 Leone Lane. Amscan is using the proceeds of the sale to construct a 500,000-sf addition to an adjacent facility within Chester Industrial Park, Heritage Management officials say. They add that Amscan will lease 32 Leone Lane through May 2007 and stay at the property until the expansion project is completed in late 2006 or early 2007.

The transaction marks Heritage Management’s entrance into the Orange County industrial real estate market.

Thomas P. Consiglio and Scott Peck of Resource Realty of Parsippany, NJ represented both Heritage Management and Amscan in the transaction. Heritage Management subsequently named Resource Realty of Parsippany, NJ as leasing agent for the building, which is being offered as divisible to three units of 90,000 sf each.

Located on 15 acres within Chester Industrial Park, 32 Leone Lane was renovated in 1992, and features 8,000 sf of office space, 26-foot clear ceilings and ESFR sprinklers in the bulk of the structure, 31 loading docks, two drive-ins, on-site rail service, and three primary power services at 480 volts. The property has 210 parking spaces with expansion capability.

“Thirty two Leone Lane provided a great opportunity for Heritage to enter Orange County with an asset that fits the market’s niche as a leading warehouse/distribution center,” Consiglio says. “The building’s size and configuration can accommodate tenants of various sizes and with diverse needs, positioning it to achieve a strong investment return. Like Heritage, we have great confidence in this region.”

Jeffrey Greenberg, principal of Heritage Management, notes that 32 Leone Lane represented an ideal investment with which to expand Heritage Management’s home market. The firm has owned and managed industrial, office and retail properties in 20 states, with the majority of its 2.5 million sf of current holdings in the New Jersey/New York region.

“We have been watching Orange County with interest for the past several years,” Greenberg adds. “The local industrial market is ideal for distribution centers–offering a great, central location on the Eastern Seaboard, competitive pricing and a fast-growing residential population. Within this context, the market is extremely supply-constrained with little new construction. Thirty two Leone Lane represents one of the region’s most attractive new leasing opportunities.”

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