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Zarwin Attorneys Complete Sale of Manufacturing Plant

October 8, 2014

Michael Goss, Esquire and team completed a complicated sale of a former manufacturing plant in Edison, New Jersey on behalf of the seller.  What made the transaction difficult was the presence of contaminated soil under the building, threatening perpetual contamination of groundwater. The team successfully worked with the environmental consultant to explore several means to avoid demolishing the building to address the soil problem.  The buyer then accepted title, leaving the seller with only a limited obligation after the settlement to continue groundwater remediation and monitoring under an environmental indemnification agreement.  Prior to settlement, the buyer took possession as a tenant and Mr. Goss drafted a lease on behalf of the seller setting forth the various rent components that were to be paid by the buyer.  The lease was terminated as of closing and the property transferred.

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