Hicksville Home Depot distribution center sells for $74.5M

first_imgTagsCommercial Real EstateIndustrial Real EstateTri-state Email Address* Full Name* Message* A JLL Capital Markets team led by Jose Cruz represented the seller.“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 in a statement.Home Depot has been thriving since the pandemic took hold of the nation. The company’s stock initially plunged in March, but it has since bounced back. Sales at the home improvement chain have also jumped since the pandemic began.Industrial real estate has also been thriving in the pandemic, thanks in part to the e-commerce boom it spurred. Leasing for industrial properties surged in New York in 2020, and institutional investors have been pouring money into the sector.Contact Akiko Matsudacenter_img Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Travelers CEO Alan Schnitzer and a rendering of the distribution center (Photos via Travelers; rendering via JLL)A Minnesota-based insurance company has acquired a new Home Depot distribution center on Long Island.Lincoln Equities Group of East Rutherford, New Jersey, sold the 197,000-square-foot warehouse at 344 Duffy Avenue in Hicksville for $74.5 million. The buyer was St. Paul Fire and Marine Insurance Company, an affiliate of the insurance firm Travelers, which is based in St. Paul, Minnesota.Travelers did not immediately respond to a request for comment.Lincoln Equities acquired the 9-acre site for $9.35 million in December 2018, according to property records. While the company was building the distribution warehouse, the property was fully leased to the Home Depot as its distribution center for Long Island.Read moreDov Hertz picks up Staten Island site for $65MThese were the top outer-borough loans in DecemberWarehouse planned for Gindi, Chetrit and Nakash site in Red Hooklast_img

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