Hicksville Home Depot distribution center sells for $74.5M

Lincoln Equities developed the 197K SF warehouse, which sold to Travelers

Tri-State /
Jan.January 13, 2021 01:30 PM
Travelers CEO Alan Schnitzer and a rendering of the distribution center (Photos via Travelers; rendering via JLL)

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.

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.






    Related Articles

    arrow_forward_ios
    The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
    Westchester office park owned by George Comfort & Sons slated for auction
    Westchester office park owned by George Comfort & Sons slated for auction
    eXp CEO Glenn Sanford and Corofy CEO Eddy Boccara (eXp, Corofy, iStock)
    Some like it hot: Influx of agents into Hudson Valley accelerates in September
    Some like it hot: Influx of agents into Hudson Valley accelerates in September
    Tritec Principal Robert Coughlan with the project (Tritec)
    Tritec lands $173M for Bay Shore Residences
    Tritec lands $173M for Bay Shore Residences
    The office space (JLL)
    Amazon plans last-mile distribution center in Hauppauge
    Amazon plans last-mile distribution center in Hauppauge
    5164 US Highway 209 in Accord (Google Maps)
    Roll on: Shuttered Upstate skating rink may get new life
    Roll on: Shuttered Upstate skating rink may get new life
    Renaissance Westchester Hotel entrance (Marriott)
    Renaissance Westchester Hotel to shutter West Harrison property
    Renaissance Westchester Hotel to shutter West Harrison property
    The Springs Tavern (Compass)
    Two East Hampton restaurants are up for sale
    Two East Hampton restaurants are up for sale
    Urban Edge CEO Jeffrey S Olson with the Yonkers Gateway Center (left) Bergen Town Center (Urban Edge)
    Urban Edge to add housing, other uses to New Jersey, Yonkers malls
    Urban Edge to add housing, other uses to New Jersey, Yonkers malls
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...