JLL Capital Markets completes sale of proposed 108,000 SF industrial facility
News release
19 June 2023
Industrial development site in Long Island trades
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MORRISTOWN, N.J., June 19, 2023 – JLL Capital Markets announced today that it arranged the sale of Holbrook Logistics Center, a to-be-built, Class A warehouse totalling 108,023 square feet in Long Island, New York.
JLL represented the seller, a Long Island based developer, and procured the buyer, Eagle Cliff Real Estate Partners.
The proposed development is located at 4955 Veterans Memorial Highway and sits on an eight-acre parcel just 35 miles east of New York. Key building features include 36-foot clear heights, 22 loading positions, two drive-in doorways, 50x54 foot column spacing with a 60-foot-wide speed bay and 108 parking spaces. Holbrook Logistics Center is set to be completed by Q3 of 2024.
The property is located three miles via Exit 59 from the Long Island Expressway (LIE) and two miles via Exit 50 from the Sunrise Highway. The LIE is particularly important to the industrial community as it runs east-west through the entirety of Long Island and Queens, providing access to the more than 970,000 households in the metro, and roughly 1.7 million households across Brooklyn and Queens. As the only interstate road in Long Island, large amounts of industrial inventory, like Holbrook Logistics Center, are located within a four-mile radius of the LIE.
“We continue to see the Suffolk County Industrial market rapidly expand as it offers e-commerce tenants lower operating costs than in Nassau County, while providing similar access to Long Island’s affluent and dense population,” said Avanzato.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Jordan Avanzato and Marc Duval, Directors Nicholas Stefans and Jason Lundy, Senior Managing Director Jose Cruz and Associate Mark Belenky.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eagle Cliff
Eagle Cliff Real Estate Partners is a private investment firm focused on real estate opportunities across diversified asset classes in the Northeast and Mid-Atlantic region of the US. Eagle Cliff creates value through collaborative partnerships, thoughtful investment structuring, and undertaking a hands-on approach to operations and development management. Eagle Cliff is managed by Paul Teti and Giorgios Vlamis and invests capital on behalf of both family offices and institutional partners. Over the past 20 years the Eagle Cliff management team has been part of building, improving, and monetizing both real estate investments and operating companies.