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Parking Garage in Prime Newark Location Changes Hands
Edison Properties has acquired a 357-space garage in Newark from Lincoln Equities Group and Welcome Parking in a $7.65-million deal arranged by Cushman & Wakefield. The asset’s prime location at 1160 Raymond Blvd., coupled with the ongoing revitalization of New Jersey’s largest city, drew strong interest from a targeted list of investors.
“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 Cushman & Wakefield’s David Bernhaut, who headed the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer and Ryan Larkin.
The offering coincided with a period of surging development in a city with limited parking capacity. “Since 2013, Newark has seen more new office construction than any other submarket in the state,” Larkin said. “24-hour parking demand is increasing as well, commensurate with stepped-up downtown multifamily and hospitality development.”
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