North Brunswick, New Jersey
Industrial Building
Development
Existing 83,621 SF light manufacturing building.
Repositioning
Viridian Partners acquired the property in June 2006. The facility was then occupied by Ward Products, a local manufacturer of antenna products for automobiles. The 83,621 square foot light industrial building is located on 6.9 acres, just off the intersection of State Highway 1 and State Highway 130, approximately ½ mile from Rutgers University’s main campus. Upon termination of the Ward Products Lease, Viridian marketed the property to small manufacturers throughout New Jersey and New York, and is now under contract to sell the property to a manufacturing group moving its operations from Brooklyn, NY, to North Brunswick, NJ. Closing of the sale is anticipated to occur in June 2009.
Remediation
The environmental conditions included limited pockets of polyaromatic hydrocarbons (PAHs), metals and polychlorinated biphenyls (PCBs) in historic fill. The remediation strategy for the site included soil “hot spot” removal, capping and deed restriction. Capping techniques were integrated into the remediation activities to accommodate additional tenant features such as parking and storage yards. Viridian Partners provided full indemnification for all environmental liability present at closing to the property’s Seller as part of the acquisition of the property. This indemnification included the placement of a Pollution Legal Liability (PLL) policy. Viridian bound the insurance to the benefit of all parties, including its investors, at closing. Viridian is finalizing a No Further Action letter from the NJDEP.
Disposition
*Sold, January 2010.