Cushman & Wakefield secured a $28 million in financing for 344 Duffy Avenue in Hicksville, New York for Lincoln Equities Group.
The financing was provided by Heitman Capital Group for the development and construction of a 195,610-square-foot Class A industrial facility.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented Lincoln Equities Group.
“The Class A Long Island industrial market continues to remain undersupplied as rental prices and demand for industrial real estate are the highest they have ever been,” said John Alascio of Cushman & Wakefield. “Ideally located for last mile and e-commerce distribution capabilities throughout Long Island and New York City, 344 Duffy Avenue will provide a state-of-the-art industrial distribution facility to support businesses, consumers and suppliers across the region upon completion.”
The project at 344 Duffy Avenue is a ground-up construction of infill industrial space on an approximately nine-acre lot. Originally, the site was marketed as a multi-family redevelopment site, but Lincoln Equities Group saw value in the existing use of industrial as the highest and best use in an inventory constrained market. Once completed, the property will consist of a Class A distribution center totaling 195,610 square-feet.
344 Duffy Avenue and its surrounding area are all zoned industrial and the properties immediately around the site are commercial and industrial in nature. Nearby properties include Chesapeake Pharmaceutical, a packaging company, and Godsell Construction Company. The site is conveniently bordered by the Long Island Rail Road and is centrally located off the Northern State Parkway and Interstate 495. Additionally, the site offers easy access to New York’s primary airports, JFK International Airport and LaGuardia Airport.