NEWARK, NJ — 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 location at 1160 Raymond Blvd., 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 Blvd. 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 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.