East Rutherford-based Cushman & Wakefield has arranged the $7.25 million sale of a downtown Newark parking facility, it announced Friday.
Edison Properties acquired the 357-space garage at 1160 Raymond Blvd. from Lincoln Equities Group and Welcome Parking.
“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,” said David Bernhaut of Cushman & Wakefield. “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.
Bernhaut headed the assignment along with Andrew Merin, Gary Gabriel, Brian Whitmer, and Ryan Larkin.
“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 said. “24-hour parking demand is increasing as well, commensurate with stepped-up downtown multifamily and hospitality development.”
