Long Island distribution center sold for record pricing
JLL Capital Markets arranged the $74.5M sale of a The Home Depot market distribution operation
NEW YORK, January 4, 2021 – JLL Capital Markets announced today that it has closed the $74.5 million sale of Lincoln Logistics @ Hicksville, a brand new, 195,610-square-foot distribution warehouse in the densely populated Long Island community of Hicksville, New York.
JLL marketed the property on behalf of the seller, Lincoln Equities Group. An institutional investor purchased the asset.
Completed in December of 2020, Lincoln Logistics @ Hicksville is fully occupied by The Home Depot (S&P Rated A) and serves as the tenant’s market distribution operation on Long Island. The building features 36-foot clear heights, 50-by 54-foot wide column spacing, 29 dock-high doors, two drive-in doors and 4,185 square feet of office space. The building is situated on 10 acres at 344 Duffy Ave. in an infill area with limited new supply. This location allows the tenant to reach Long Island’s growing population of eight million people. Additionally, the property is less than 22 miles from John F. Kennedy International and LaGuardia Airports.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz; Directors Marc Duval, Jordan Avanzato and Tyler Peck; Vice Chairman Rob Kossar; Managing Director Leslie Lanne; and Executive Vice President Tom DiMicelli.
“There was a very strong response to the offering from the institutional buyers given the credit, term, location and quality of the real estate,” Cruz said. “Surety of cash flow today is top of the investor list of requirements, and the pricing is reflective of that.”
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 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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About JLL
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Equities Group, LLC
Lincoln Equities Group owns, operates, develops and manages commercial and residential properties throughout the tri-state area for its own account and for third-party owners. Currently, Lincoln has roughly 4 million square feet of modern industrial warehouse under development.