Long Island development site trades
JLL Capital Markets arranged the sale of a 10-acre site with industrial zoning near the Long Island Expressway
MORRISTOWN, N.J., July 22, 2021 – JLL Capital Markets announced today that it has closed the sale of a 10-acre prime industrial development site in the Long Island community of Hauppauge, New York.
The Hauppauge development site is located at 88 Parkway Dr. South and 90 Davids Dr. within the Hauppauge Industrial Park Overlay District’s Light Industrial (LI) zone, which encourages the further growth within the Hauppauge Industrial Park and has very accretive as-of-right standards for industrial development. This infill Suffolk County location is less than one mile to the Long Island Expressway junction and just off the Northern State Parkway, providing accessibility to Manhattan within a 40-minute drive and allowing future tenancy to reach 9.1 million people within a 60-minute drive.
The site’s Light Industrial zoning allows an investor to construct up to 184,107 square feet with a 35-foot maximum building height and accretive setback requirements. The property is currently improved two buildings containing both office and light industrial space.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Marc Duval, Jordan Avanzato, Jose Cruz, Andrew Scandalios, Tyler Peck and Michael Kavanagh, along with Doug Omstrom and Ray Ruiz.
“Suffolk County offers tenants lower operating costs than in Nassau County, while providing similar access to Long Island’s affluent and dense population,” Avanzato said. “We continue to see these factors driving historic industrial pricing and market activity for accessible industrial sites throughout Suffolk County.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Dunkirk Realty
Dunkirk Realty is a commercial real estate investment firm that is based on Long Island, New York. Founded over 30 years ago, Dunkirk Realty has owned and operated millions of square feet across the United States. The firm has been rapidly growing during the past few years, and the firm’s portfolio has significantly increased in size and value through acquisitions, leasing, capital improvements, and changing market conditions. Dunkirk Realty is an aggressive purchaser, constantly seeking to acquire properties to add to its portfolio.
About Link Logistics
Link Logistics, established by Blackstone in 2019, is a leading national provider of logistics real estate solutions designed to meet the needs of the modern supply chain. The company operates the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S. Link Logistics has more than 5,800 customers and 400 million square feet of logistics facilities across key distribution markets, particularly strategic last-mile locations in the U.S. Link Logistics has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability to power the supply chain of tomorrow. For more information regarding the company, please visit linklogistics.com.