Guilderland , N.Y. Apr 25, 2007

McGrann Paper Corporation has leased 55,000 square feet at Building 8 within the Northeast Industrial Park, announced Heritage Management Company, the property’s owner. The long-term transaction marks the first lease for Heritage at the building, which it acquired earlier this year as part of a 2.5 million-square-foot portfolio.

"We welcome McGrann Paper as our first tenant in Guilderland and look forward to providing a business environment in which the company can continue to prosper and grow," added Heritage Principal Steven Greenberg.

Richard Sleasman of CBRE in Albany represented Heritage in negotiating the long-term lease. McGrann Paper provides competitively priced, high-quality ground wood paper and ground wood specialty paper throughout the United States and Canada. The company is headquartered in Charlotte, N.C.

Northeast Industrial Park Building 8 is a 200,000-square-foot, single-story warehouse structure. Its balance, totaling 145,000 square feet, remains available for lease. "With proximity to the New York Thruway, this building offers a competitively priced, central location for regional distribution operations," said Jeffrey Greenberg, a principal with Heritage Management Company.

The property is one of 13 warehouse/distribution buildings spanning New York, Pennsylvania and Ohio that comprise Heritage Management’s recent portfolio purchase. The buildings are 96 percent occupied by diversified tenants including Staples, Iron Mountain, Wegmans, Sumitomo and Owens Brockway.

The $86 million, off-market transaction capped a year of steady growth for the privately held firm. Heritage Management has nearly doubled its holdings during the past 15 months and now controls more than 4 million square feet of office, industrial and retail space. Other recent industrial acquisitions include 32 Leone Lane, a 287,000-square-foot distribution facility in Chester, N.Y.

Press Info

Heritage Capital Group, LLC
Post Office Box 627 123 Prospect Street, Ridgewood, NJ 07451
P: 201.251.9700 F: 201.251.9009