On behalf of our client, Cuzson Associates, LLC, an affiliate of Mylestone Properties, Mandelbaum Barrett PC successfully closed on the purchase of the Ridgemont Shopping Center, which consists of a 72,000 square foot, grocery-anchored retail property located in Park Ridge, NJ. The shopping center is home to national and regional tenants, including Lidl, Staples, Chase Bank and Starbucks. The shopping center sold for $17 million. The purchase was financed in part with a $4,500,000 mortgage loan. Our Environmental Dept. and Real Estate Group worked seamlessly for months in getting this transaction to the finish line by year end. As the site had undergone significant remediation in regard to a former dry-cleaning operation, there was much work to be done, including evaluating years of environmental site investigation and remediation data, coordinating with seller’s and lender’s environmental consultants, as well as procuring environmental insurance. In addition to negotiating a protective purchase and sale agreement with a very sophisticated seller, the team worked through a number of real estate issues, including complex survey and title questions, a land lease located on the property, negotiation of loan documents, coordination of the replacement property portion of a 1031 Exchange transaction, bulk sale clearance and negotiation of tenant estoppels and subordination agreements.
Douglas Eilender, Co-Chair of the Environmental Department and Owen Hughes, Co-Chair of the Real Estate Department at Mandelbaum Barrett PC handled the transaction, with assistance by para-legal Christopher Banks.
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