344 Duffy Ave. in Hicksville, New York — Courtesy: JLL
By Joshua Burd
Lincoln Equities Group has sold just under 200,000 square feet of new industrial space on Long Island for $74.5 million, in a deal completed by JLL’s New Jersey brokerage team.
The developer, which is based in East Rutherford, recently completed the 195,610-square-foot property at 344 Duffy Ave. in Hicksville. The property is fully leased to Home Depot and serves as the company’s distribution center on Long Island, JLL said, helping it command record pricing in the sale to an institutional investor.
“There was a very strong response to the offering from the institutional buyers given the credit, term, location and quality of the real estate,” said Jose Cruz, who leads the Morristown-based New Jersey investment sales team for JLL. “Surety of cash flow today is top of the investor list of requirements, and the pricing is reflective of that.”
Cruz, a senior managing director with JLL, represented the seller alongside directors Marc Duval, Jordan Avanzato and Tyler Peck, along with Vice Chairman Rob Kossar, Managing Director Leslie Lanne and Executive Vice President Tom DiMicelli. They noted that the building features 36-foot clear ceiling 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 sits on 10 acres in an infill area with limited new supply, JLL said, with a location that allows Home Depot to reach Long Island’s growing population of 8 million people.