Cushman & Wakefield has arranged the $7.25 million sale of a downtown Newark structured parking facility. Edison Properties acquired the 357-space garage from Lincoln Equities Group and Welcome Parking. The asset’s prime location at 1160 Raymond Boulevard, coupled with the ongoing revitalization of New Jersey’s largest city, drew strong interest, according to the commercial real estate services firm’s New Jersey investment sales team, who orchestrated the deal.
“1160 Raymond Boulevard is within walking distance of many of Newark’s major office buildings, hotels, and entertainment and sporting venues, as well as Newark Penn Station,” noted Cushman & Wakefield’s David Bernhaut, who headed the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer, and Ryan Larkin. “Additionally, the seller recently invested significant capital and increased the volume of in-place monthly parking accounts.” The four-story garage also provides the opportunity to expand to accommodate 400 vehicles, via the addition of lifts to the top level.
The 1160 Raymond Boulevard offering coincided with a period of surging development in a city known for its limited parking capacity. “Since 2013, Newark has seen more new office construction than any other submarket in the state with the completion of new headquarters for Panasonic and Prudential, while major space users – including Broadridge Financial and Mars Wrigley Confectionery – continue to announce commitments for large-scale operations there,” Larkin noted. “24-hour parking demand is increasing as well, commensurate with stepped-up downtown multifamily and hospitality development.”
Cushman & Wakefield marketed 1160 Raymond Boulevard to a targeted list of investors and received multiple offers. Edison Properties ultimately won the contract by facilitating a smooth and very quick closing.
Based in East Rutherford, Cushman & Wakefield’s New Jersey investment sales team specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Conn. The team has completed $28 billion worth of transactions since 2000, closing over $3.5 billion in sales over the past 18 months.
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