Heritage Capital Group’s History and Growth

Heritage Capital Group LLC is a third-generation commercial real estate family office. Our story begins with my grandfather, Leo, who worked for a pharmacy in Manhattan at the turn of the 20th century. Family lore has it that a some point he realized there was more money to be made in owning the building where the pharmacy was than working as a pharmacist himself.

This epiphany led him to put together a group of people and purchase the pharmacy building – marking the beginning of my family’s journey into real estate. My father later built up the business through 1960s, 1970s and 1980s, becoming one of the larger garden apartment operators in New Jersey at the time, transitioning later into industrial and retail properties. Tragically, after I graduated college, my father passed away. My mother, brother, and I were thrust into the real estate business in 1990 without knowing anything about real estate. 

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In the beginning, we cut our teeth on working out troubled deals and acquiring office and industrial properties, finding value where others did not.  After the Great Recession, we expanded into multifamily properties, finding great value in North Carolina, South Carolina and Virginia.


In 2020, I took over the leadership of the business entirely and have been growing it significantly since then by expanding our industrial, flex and warehouse portfolio. Today, our current portfolio predominantly consists of industrial, warehouse and flex properties amounting to about 6 million square feet in New Jersey, New York, Pennsylvania, Virginia, Tennessee, Ohio, Indiana, Montana, Alabama and South Carolina. We also own some multi-family and small office properties.

Early Challenges and Learning Experiences

In our early days in the real estate business, we faced challenges head-on without a wealth of knowledge to guide us. Our introduction to the real estate business came at one of the most inopportune times – during the early 1990s after the savings and loans crisis, which had just sent shockwaves through the economy and crashed the real estate market. It was one of the worst possible times to enter the real estate industry. However, property by property, we learned the real estate business trial by fire in a tough economy and survived.


The economic climate at that time was unforgiving. With my background as a philosophy major fresh out of college, I was not exactly equipped with practical real estate knowledge. Yet, necessity is often the mother of invention – or in our case, of learning. Our family – my mother, brother, and me – had no choice but to roll up our sleeves and dive into managing and growing a business we barely knew – our livelihoods depended on it. We did not have many mentors or teachers; it was very much a learn-as-you-go situation. But we persevered through this tough initiation.

We survived those turbulent times by being hands-on in every aspect of the business. As we learned from each challenge, we grew more competent and confident in our abilities to manage and expand our portfolio. We ventured into office development, taking on projects in difficult markets like Newark, New Jersey where we won BOMA building of the year for best renovated building - twice. As Heritage Capital matured, our strategy evolved. Post-Great Recession, we made a significant expansion into multifamily properties. This strategic shift was not merely a reaction to the changing economic landscape but also an informed decision based on our growing expertise in finding value in real estate. 


This period taught us invaluable lessons about resilience, adaptability, and the importance of hands-on experience. These experiences became foundational to how Heritage Capital operates today – grounded in practical wisdom honed from weathering early storms. Our early challenges shaped us not just as a company but also as individuals dedicated to learning and growth in real estate investment.

Business Expansion and Current Focus

Heritage Capital is a dual sided investment firm: one side dedicated to our family office investments – these are partnerships that have stood the test of time, some spanning decades; on the other side is our joint venture (JV) arm where we seek new opportunities, partner with institutional, family offices and high net worth individual investors, and manage debt and equity for fresh deals.


This two-pronged approach allows us to balance continuity with innovation. The family office side represents stability and tradition – it is about nurturing relationships and rolling them into new properties as part of a continuous cycle of reinvestment. The joint venture side represents dynamism – it is where we find new properties that meet our criteria for investment and invite new partners to join us in these ventures. It is this part of the business that has seen considerable growth over the last few years as we have leveraged our experience to find opportunities and expand our family’s investments to include outside capital.


Our commitment is clear: grow responsibly while leveraging the vast experience within Heritage Capital. By marrying traditional values with modern strategies, we aim not only to preserve what has been built over generations but also ensure its growth long into the future.


The core idea here is balance – between old and new, stability and risk-taking, tradition and innovation. It is about ensuring that every move we make contributes positively toward building a robust portfolio that can withstand market fluctuations while delivering consistent returns.

Investment Philosophy and Approach


I sum up our investment philosophy in a single word: Boring. 

For Heritage Capital, boring equals success. We believe in generating steady cash flow through solid investments rather than seeking out high-risk ventures that promise extravagant returns but also carry significant risk potential. Every property acquisition is like a new start-up business, full of potential and pitfalls. My approach to real estate investing is very conservative.  I look at each new real estate opportunity and consider if I would want to own the property for a long time because I just might have to – and because that is the best way to protect both my capital and that of my partners.

Our operational structure reflects a blend of seasoned wisdom from long-term members who have grown alongside Heritage Capital and fresh perspectives from newer team members poised for long-term contributions. It is this unique composition that enables us to maintain legacy partnerships while pursuing new ventures in line with our investment approach

Insights on Real Estate Investment and Market Analysis

By keeping our finger on the pulse of market developments, we position ourselves to act swiftly when opportunities arise or when caution is warranted. We have learned that being proactive rather than reactive in our analysis allows us to mitigate risks effectively while capitalizing on growth opportunities. It is not just about the immediate return but also about ensuring sustainable growth and value appreciation over time. In essence, we are guided by a philosophy of cautious optimism – confident in our ability to identify strong investments while always prepared for potential downturns.

War Stories

Throughout my journey in the real estate industry, I have accumulated a collection of personal stories that paint a vivid picture of the realities of real estate investment. The stories of past deals serve as lessons learned through experience and challenges overcome.

Each real estate deal in Heirtage’s history is more than just an account of past transactions; they are part of our firm’s DNA – teaching moments that have shaped how we approach business today. They remind me that while being 'boring' in investment philosophy can lead to stability and success, there is nothing mundane about the path we travel in real estate investment.


Portrait - Jeff Greenberg

Jeffrey Greenberg

Founder and Managing Partner

Jeff has over 30 years and cumulatively over $2 billion investment experience in commercial real estate for his 3rd generation family office.

'The best way to make money in real estate,' he says, 'is to make it slowly.'

While having a focus on mid-large size, Class A/B industrial facilities across the United States, Jeff invests in opportunities that provide ongoing income with the likelihood of doubling investor capital over time.