Lincoln Equities Pockets $75M for Long Island Industrial Asset
- Jan 05, 2021
An industrial property that’s fully occupied by The Home Depot in Hicksville, N.Y., has changed hands for $74.5 million. Lincoln Equities Group sold the asset, Lincoln Logistics @ Hicksville, to an undisclosed institutional investor.
Lincoln Equities completed the 195,610-square-foot distribution warehouse in 2020. The developer looked to create a state-of-the-art industrial development and built the property with 36-foot clear heights, 50- by 54-foot column spacing, 29 dock-high doors, two drive-in doors and 4,185 square feet of office space.
The space attracted the attention of The Home Depot, which signed a long-term lease at Lincoln Logistics, according to JLL. The home improvement retailer is using the space for its market distribution operation in Long Island. Located at 344 Duffy Ave., Lincoln Logistics @ Hicksville is also less than 22 miles away from both John F. Kennedy International and LaGuardia airports. On the other side of the New York City metro area, Lincoln Equities is also working on a 1.6 million-square-foot industrial project in Bayonne, N.J.
JLL marketed Lincoln Logistics @ Hicksville on behalf of Lincoln Equities. The JLL Capital Markets team of Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Rob Kossar, Leslie Lanne, Tom DiMicelli represented the seller in the transaction.
Investor interest in Long Island
Several months following the COVID-19 pandemic’s hit to the Long Island economy, the industrial market is beginning to show signs of recovery. According to JLL’s 2019 third quarter report, leasing activity for Long Island’s industrial market surpassed 600,000 square feet, which is close to the numbers registered prior to the onset of the pandemic. Average asking rents also increased by 6.1 percent in the third quarter, as more investors and developers became involved in the Long Island market.
According to JLL, the market indicators for Long Island’s industrial sector is already showing signs of economic recovery, especially with lockdown restrictions being loosened. The report noted that Long Island will continue to become more attractive to investors as its industrial market matures.