Developer gets $28M to build Hicksville warehouse

Lincoln Equities Group got $28 million in financing to build a 195,610-square-foot warehouse and distribution facility in Hicksville, Long Island Business News reported. The New Jersey-based developer bought the nine-acre property from Winter Bros. Waste Systems for about $9 million. The facility will have ceilings up to 50 feet high and 30 loading docks. The financing was provided by the Heitman Capital Management. John Alascio, Noble Carpenter III and Sridhar Vankayala of Cushman & Wakefield’s equity, debt and structured finance team arranged for the loan, while Cushman & Wakefield’s David Pennetta and Robert Stricoff represented Winter Bros. in its sale of the property, which is next to the Long Island Rail Road and easily accessible to LaGuardia Airport and John F. Kennedy International Airport. Jones Lang LaSalle’s Tom DiMicelli is the leasing agent for the building. He told LIBN that the asking rent is $17 per square foot for a triple-net lease. [LIBN]