$25,000 a parking spot in Newark, NJ.

Cushman & Wakefield's Metropolitan Area Capital Markets Group has arranged the sale of a parking garage property in Newark, NJ on behalf of Central Parking Corporation and Lubert-Adler Partners.

Rutgers University acquired the asset--located ar 180-190 Washington Street--for more than $25,000 per parking space.

The garage, which includes spaces for 408 vehicles, sits in Newark's University District, home to Rutgers University Law School, University of Medicine and Dentistry, Essex County College, New Jersey Institute of Technology, and St. Michael's Hospital.

"The property is located in Newark's CBD, which features more than 13 million square feet of office space, a world-class performing arts center, museums, major and minor league professional sports teams, universities, new residential development, and one of the most comprehensive transportation networks along the East Coast," noted Cushman & Wakefield's Robert Donnelly Jr., who handled the assignment with Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz.

"With parking at a premium in Newark, this property generated strong investor interest--especially in light of the recent opening of Prudential Center, which had booked some 90 percent of its dates during the first year," he added.

On a national basis, Central Parking Corporation retained Cushman & Wakefield as its exclusive advisor for the disposition of properties in several markets, including Boston, Philadelphia, Atlanta, Chicago, Denver and Los Angeles. The Group also was recently involved in another local sale as part of that assignment.

"Lubert-Adler recently purchased Central Parking and took the company private," Merin noted. "To help offset the cost of that move, the company opted to monetize a small portion of the owned assets. We were pleased to have been selected as the local team to handle its Newark dispositions."