104 Foundry St. in Newark — The Blau & Berg Co.
By Joshua Burd
Hertz Corp. has signed a new lease in Newark at a site that serves as a key location for its car and box truck rental services, brokers with The Blau & Berg Co. announced this week.
According to a news release, the deal at 104 Foundry St. comprises a 10.36-acre industrial land parcel just off Route 1&9 and minutes from Port Newark-Elizabeth and the New Jersey Turnpike. The long-term lease allows Hertz to maintain a presence for its mobility business in the heart of one of the nation’s busiest logistics hubs, the brokerage firm said, touting the site’s strong visibility and robust infrastructure that make it ideal for distribution, logistics, outdoor storage and vehicle rental operations or future development opportunities.
Blau & Berg’s Jason M. Crimmins and Kenneth F. Crimmins represented ownership in the transaction and continue to market nine available acres at the property. The asking rent is $29,500 per month per acre, triple net, for a site that is highly divisible.
“We are thrilled to have negotiated this lease on behalf of the landlord for the Hertz Corporation at 104 Foundry Street,” said Jason Crimmins, the firm’s CEO and president. “This 10.36-acre site represents a rare and highly desirable industrial land opportunity in Newark. Its exceptional location with immediate access to major highways, the port and the airport made it an ideal fit, underscoring the continued strength and attractiveness of Newark’s industrial market.”
