X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

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 and Lincoln Equities marks the 14th property sale by the partners 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.