JLL Capital Markets announced today that it has closed the sale of a 10-acre prime industrial development site in the Long Island community of Hauppauge, New York.
JLL marketed the property on behalf of the seller, Dunkirk Realty. Link Logistics Real Estate purchased the asset.
The Hauppauge development site is located at 88 Parkway Dr. South and 90 Davids Dr. within the Hauppauge Industrial Park Overlay District’s Light Industrial (LI) zone, which encourages the further growth within the Hauppauge Industrial Park and has very accretive as-of-right standards for industrial development. This infill Suffolk County location is less than one mile to the Long Island Expressway junction and just off the Northern State Parkway, providing accessibility to Manhattan within a 40-minute drive and allowing future tenancy to reach 9.1 million people within a 60-minute drive.
The site’s Light Industrial zoning allows an investor to construct up to 184,107 square feet with a 35-foot maximum building height and accretive setback requirements. The property is currently improved two buildings containing both office and light industrial space.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Marc Duval, Jordan Avanzato, Jose Cruz, Andrew Scandalios, Tyler Peck and Michael Kavanagh, along with Doug Omstrom and Ray Ruiz.
“Suffolk County offers tenants lower operating costs than in Nassau County, while providing similar access to Long Island’s affluent and dense population,” Avanzato said. “We continue to see these factors driving historic industrial pricing and market activity for accessible industrial sites throughout Suffolk County.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.