1160 Raymond Blvd. in Newark — Courtesy: Cushman & Wakefield
By Joshua Burd
Edison Properties has added to its vast parking portfolio in downtown Newark with the acquisition of a 357-space garage, brokers with Cushman & Wakefield announced.
The company paid $7.25 million to purchase the property, located at 1160 Raymond Blvd., from Lincoln Equities Group and Welcome Parking, C&W said. Edison was among several would-be buyers interested in the four-story structured facility, thanks to Newark’s recent development surge and a location between Broad Street and McCarter Highway.
Cushman & Wakefield’s David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Ryan Larkin brokered the deal. The team noted that the property is within walking distance of many of the city’s major office buildings, hotels and entertainment and sporting venues, as well as Newark Penn Station.
“Additionally, the seller recently invested significant capital and increased the volume of in-place monthly parking accounts,” Bernhaut said. He added that the four-story garage also provides the opportunity to expand to accommodate 400 vehicles, via the addition of lifts to the top level.
C&W also said the offering coincided with the recent investment boom in a city known for its limited parking capacity. Edison Properties ultimately won the contract by facilitating a smooth and quick closing, the firm said.
“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, adding that “24-hour parking demand is increasing as well, commensurate with stepped-up downtown multifamily and hospitality development.”
