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Cushman & Wakefield brokers Newark parking garage trade

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1160 Raymond Blvd., Newark
1160 Raymond Blvd., Newark - ()

Cushman & Wakefield has completed the $7.25 million sale of a downtown Newark structured parking facility.

Edison Properties acquired the 357-space garage located at 1160 Raymond Blvd. from Lincoln Equities Group and Welcome Parking.

The four-story garage provides the opportunity to expand to accommodate 400 vehicles, via the addition of lifts to the top level.

“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,” said Cushman’s Ryan Larkin.

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Elana Knopp

Elana Knopp

Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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