Property Due Diligence and Environmental Site Assessments
Industrial Properties
Industrial Properties
Industrial Properties
Depending on the industry type(s), associated processes/waste streams and duration of operations, industrial business and/or property transactions can be complex, requiring careful environmental due diligence. If you are a prospective buyer of an industrial business and/or property, it is important to have a thorough ASTM Phase I Environmental Site Assessment.
If the transaction is occurring in New Jersey, it is equally important to also conduct a due diligence Preliminary Assessment and to retain an environmental consultant knowledgeable with the New Jersey Industrial Site Recovery Act (ISRA) process. This is due to the fact that any entity that owns, operates or owns the real property of an ISRA-applicable "industrial establishment", is subject to the ISRA law and its many requirements. You will want knowledgeable representation to ensure the seller is navigating the ISRA process appropriately.
Commercial Properties
Industrial Properties
Industrial Properties
Whether you are considering the purchase of a shopping plaza, service station, office building or vacant parcel, it is critical to evaluate both current and historical operations to evaluate your environmental risk. Environmental cleanup and regulatory compliance costs can easily exceed $100k with more complicated scenarios in the millions. Do your due diligence before finalizing your transaction!
Lexicon provides due diligence ASTM Phase I Environmental Site Assessments to assist purchasers qualify for "bona fide prospective purchaser (BFPP) liability protection" under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). Additionally, if the property resides in New Jersey, purchasers also need to consider conducting a due diligence Preliminary Assessment to qualify for similar protection from New Jersey's Spill Act, regardless of whether or not Site operations are ISRA-applicable.