JLL to market 344 Duffy Avenue, first new industrial building constructed for lease on Long Island in at least five years
JLL was selected by Lincoln Equities Group LLC as the exclusive leasing agent for a new industrial building expected to break ground on Long Island in 2018. The developer will construct a 195,000-square-foot warehouse and distribution facility at 344 Duffy Avenue in Hicksville, N.Y.
The 344 Duffy Avenue facility is expected to break ground in the third quarter of 2018, with completion slated for the second quarter of 2019. The high-end facility will feature 32- to 50-foot ceiling heights, wide columnspacing, 20 to 30 loading docks, early suppression fast response (ESFR) sprinklers and energy-efficient LED lighting.
The new leasing assignment will be overseen by Thomas DiMicelli, executive vice president, with JLL. He will work closely with Joel Bergstein, president, of Lincoln Equities.
“Lincoln Equities plans to build a state-of-the art facility that will be in a class of its own,” said DiMicelli. “Aside from one industrial building in Port Washington, N.Y. that was built for the user, there has been no new construction of industrial product on Long Island in at least five years. Industrial rents and demand in this region have exploded due to the increased need for high-quality distribution space, the expanding e-commerce market, as well as the demolition of obsolete industrial space during the past few years to make way for residential development.”
“We are developing a facility designed to attract regional and national tenants that want a foothold in the Long Island market,” said Bergstein. “There is no other modern warehouse space of this quality and size available in Nassau County. Our new facility will be optimal space for warehouse and distribution users, including logistics companiesand e-commerce based “last-mile” delivery companies that require superior loading.We will be reaching out to tenants located throughout Long Island, New York, the tri-state area and nationally.”
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,400 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2016, the New York tri-state team completed approximately 28.2 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $12.0 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 146.7 million square feet.
About Lincoln Equities Group LLC
Based in East Rutherford, N.J., Lincoln Equities Group (“LEG”) currently owns and operates a U.S. commercial real estate portfolio comprising more than five million square feet of Class A commercial facilities located throughout the metropolitan region. LEG has completed more than $2.0 billion of transaction volume since 2000. LEG’s development team is also involved in various major redevelopment/land entitlement projects that will have an ultimate build-out of 4,000 residential units, 200 hotel rooms, 500,000 square feet of retail space and 2,700,000 square feet of industrial space.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.