The Minnesota-based insurance company has acquired a new Home Depot distribution center on Long Island.
Lincoln Equities Group of East Rutherford, New Jersey sold a 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, a subsidiary of Travelers Insurance, based in St. Paul in Minnesota.
Passengers did not respond immediately to a request for comment.
In December 2018, Lincoln Equities acquired 9 acres of land for $ 9.35 million, according to property records. While the company was building a distribution warehouse, the property was fully leased to Home Depot as a distribution center for Long Island.
The seller was represented by the JLL Capital Markets team led by Jose Cruz.
“The offer from institutional buyers was very strong due to the loan, term, location and quality of the property,” Cruz said in a statement.
Home Depot has been flourishing since the pandemic seized the nation. The company’s shares initially fell in March, but have since returned. Since the beginning of the pandemic, sales have also jumped in the home improvement chain.
The industrial real estate sector is also thriving in the pandemic, partly due to the pandemic-led e-commerce boom. In 2020, industrial real estate leasing rose sharply in New York, and institutional investors poured money into the sector.