Edison Properties Adds 1160 Raymond Blvd. to Parking Portfolio
“24-hour parking demand is increasing, commensurate with stepped-up downtown multifamily and hospitality development,” says Cushman & Wakefield's Ryan Larkin.
NEWARK, NJ—Surging office development in the central business district of Newark generated brisk interest in the sale of a downtown Newark structured parking facility.
Edison Properties acquired the 357-space garage at 1160 Raymond Boulevard from Lincoln Equities Group and Welcome Parking in a $7.25 million transaction brokered by Cushman & Wakefield.
“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,” says 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 rapidly expanding 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 says. “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.