SECAUCUS, NJ-ING Clarion Partners of New York City has acquired 275 Hartz Way, a 403,869-sf industrial/mixed-use building here. The sellers, joint venture partners Investcorp, also of New York City and Lincoln Equities Group, whose local offices are in Rutherford, NJ, had acquired the asset just 15 months ago in an unpublicized sale transaction. Lincoln Equities' Linque Management Co. has been managing the property during the partners' brief ownership tenure.

In the latest transaction, the Investcorp/Lincoln Equities partnership was represented by Cushman & Wakefield's Metropolitan Area Capital Markets Group, East Rutherford, NJ. The sale price was not disclosed. One industry source puts the number in the $30-million range, but that figure could not be confirmed.

"275 Hartz Way is typical of a number of investments in Northern New Jersey that we've made during the past several years in partnership with Lincoln Equities," says Joel Moody, an Investcorp principal. "We've been able to enhance each other's deal-sourcing capabilities to identify opportunities such as this, and then focus our collective management efforts on maximizing returns."

The single-story building, situated on 20 acres within a Meadowlands submarket that is dominated by warehouse and distribution facilities, has Equinix Inc. as its major tenant. The Foster City, CA-based operator of network-neutral data centers and Internet exchange services leases just under 339,000 sf, and currently uses 184,000 sf as an improved mission-critical co-location facility. Originally built in 1975, the asset has 24-ft clear ceilings and multiple redundant, fault-tolerant infrastructure systems.

The surrounding market is also dominated, on the retail side, by outlet shopping, and 275 Hartz Way is a small part of that. The building's remaining 65,000 sf is leased to retailers Burlington Coat Factory, At Last Sportswear and Perfume Plus.

The latest news from Investcorp marks the 14th property sale by the firm in the first seven months of this year. Altogether, the transactions have generating more than $964 million in cash, according to Moody, with a total of more than $259 million being returned to investors in the process.