14B — August 10 - 23, 2018 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey
Sale of 1160 Raymond Boulevard coincides with surging Downtown development Cushman & Wakefield brokers 357- space parking garage trade in Newark
EWARK, NJ — Cush- man & 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 Ray- mond 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. N
“1160 Raymond Blvd. is with- in walking distance of many of Newark’s major office build- ings, hotels, and entertainment and sporting venues, as well as Newark Penn Station,” said Cushman &Wakefield’s David Bernhaut , who headed the as- signment with AndrewMerin, Gary Gabriel, Brian Whit- mer, and Ryan Larkin . “Ad- ditionally, 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 ac- commodate 400 vehicles, via the
addition of lifts to the top level. The 1160 Raymond Blvd. of- fering coincided with a period of surging development in a city known for its limited parking capacity. “Since 2013, New- ark has seen more new office construction than any other submarket in the state with the completion of new head- quarters 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 noted. “24-hour parking
demand is increasing as well, commensurate with stepped- up downtown multifamily and hospitality development.”
407 Washington St.
In a separate transaction, Cushman & Wakefield has inked two retail leases for ma- ternity and children’s clothing boutique JoJo Maman Bébé. The new stores in Hoboken and Montclair are among the first in the country for the UK-based concept. Retail leasing specialist Da- vid Townes was responsible for representing JoJo on these two leases: a 900 s/f commit- ment at 407 Washington St. in Hoboken and a 1,850 s/f com- mitment at 6 South Park St. in Montclair. Newark’s future is looking bright, and although it evident- ly is still a working progress, the only thing it needs is time. Mayor Ras Baraka is fully com- mitted to improving Newark in all aspects, including leverag- ing the fast-internet-support- ing, fiber optic infrastructure to attract connected individuals and businesses. Developers and new business are actively investing in the city, from downtown and outward. More financing options than ever are available in Newark. Whether or not Amazon chooses to bring its new headquarters here, the ingredients for exponential growth are already there. Pru- dential and other businesses have committed themselves to bringing business and em- ployees into the city. There has never been a better time to invest in Newark! Jason Gottdenker is an associate at Bane Realty Capital. Bane Realty Capi- tal is a boutique real estate investment firm focused on raising debt & equity and structuring development deals. Is this Newark Real Estate’s . . . continued from page 4B million visitors since it opened in 1997.
1160 Raymond Blvd.
Commercial • Multifamily • Retail • Industrial • Development
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