Craig Alexander, Co-Chair of Commercial Real Estate Practice Group at Mandelbaum Barrett PC, represented an owner in connection with the multi-million-dollar sale of approximately 10 acres located on the highway in Union County, New Jersey.
Craig facilitated the deal by matching the seller with the buyer, an established industrial owner and long-term client of the firm. The buyer intends to use the property for indoor and outdoor storage, which will serve the needs of the many distributors and trucking companies operating along the highway. Craig also brought significant value to the deal by successfully appealing the tax classification for the property from class 4A (commercial) to 4B (industrial), thereby saving the seller approximately $192,000.00 for the “mansion tax.”
Due to prior environmental issues as well as off-site concerns, the property’s environmental condition also presented challenges to the deal. However, with the assistance of Doug Eilender, Chair of the firm’s Environmental Law Practice Group, the client was able to satisfy the buyer and its lender with respect to assumption of the environmental risks.
This transaction highlights the value of our multidisciplinary approach, bringing together Real Estate and Environmental Law to help clients navigate complex deals and achieve successful outcomes.
These stories are successful case results from our attorneys. Please note that results may vary depending on your particular facts and legal circumstances.