The property asset involved in this lease transaction is a 10.36-acre industrial site located at 104 Foundry Street in Newark. Hertz Corp has signed a long-term lease for this site, which will support its vehicle rental and logistics operations. The asking rent for the property is set at $29,500 per month, reflecting the demand for industrial outdoor storage sites in the area, which is strategically positioned near Port Newark-Elizabeth and the New Jersey Turnpike.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $29,500/Month
• Lease Term: long-term
• Tenant: Hertz Corp
• Brokers: Jason Crimmins & Kenneth Crimmins - The Blau & Berg Company
• Acres: 10.36

Jason Crimmins and Kenneth Crimmins from The Blau & Berg Company represented the lease transaction, showcasing their expertise in the commercial real estate market. The company is also marketing the remaining land at the site at a rate of $29,500 per acre per month (NNN), indicating the strong demand for the property type in the region.