RIDGEWOOD, NJ-Jeffrey and Steven Greenberg, principals of Heritage Management Co., have teamed up with veteran real estate executive Robert Martie to form Heritage Capital Group LLC, GlobeSt.com has learned. The top priority for the new venture will be to acquire office, flex, industrial and retail properties east of the Mississippi River, the partners say.

“Heritage Capital Group has launched from a great platform – the Greenbergs’ substantial portfolio, our complimentary and diversified skill sets and a common vision,” says Martie, who has served in executive-level positions for such notable real estate companies as Advance Realty Group, the Gale Co. and Bellemead Development Corp. over a 30-year career. “This formula promises a successful partnership,” Martie tells GlobeSt.com.

The new Heritage Capital Group will operate as the investment arm of a larger real estate organization that also includes Heritage Management Co., a private, family-owned real estate firm based here, the partners tell GlobeSt.com. Heritage Management Co. currently owns and manages about five million sf of commercial properties in the Northeast, and will manage any and all of the properties that will be acquired by the new entity.

The partners say they’re already looking for investment opportunities, and step one is expected to be formation of an equity joint venture with a partner “to be announced. We anticipate a significant equity raise in the near future,” Jeffrey Greenberg tells GlobeSt.com. “The outcome will strengthen our buying power and increase our market share significantly.”

According to Steven Greenberg, the new entity “is a logical progression for Heritage Management Co., which has nearly doubled its holdings and completed more than $250 million in acquisitions, dispositions and refinancings during the past year. The partnership with Bob will enable us to take our position to the next level. As we grow Heritage Capital Group, we will continue to focus on maintaining our proprietary approach, working in concert with the financial and commercial real estate communities.”

Heritage Management had been involved in a couple of major transactions recently. As reported by GlobeSt.com this week, the law firm of McCarter & English renewed its lease for 143,000 sf at Four Gateway Center in Newark, a 327,000-sf building co-owned with Ivy Equities. And earlier this year, the firm bought a 13-building, 2.5-million-sf industrial portfolio spread across New York, Pennsylvania and Ohio in a deal valued at $86 million.

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