West Caldwell, NJ
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Size

3.5 acres

Environmental Issues

Underground Storage Tanks, asbestos

Reuse

Mixed use of commercial and residential

Project Description

West Caldwell Trucking operated their business on this 3.5 acre site that included a 10,000 square foot front office and a rear drive-in maintenance and storage facility. The property is located in a very high-demand industrial market in central New Jersey. After West Caldwell Trucking declared bankruptcy, the building was vacated and the property abandoned. The rear portion of the property had been used for illegal dumping of solid waste and a 10,000-gallon gasoline underground storage tank was left on-site. The property had a number of additional encumbrances to redevelopment including a New Jersey Department of Environmental Protection (NJDEP) lien and several third-party owned tax liens.

BRG Solution

BRG purchased the first note and mortgage for the property from a national lending institution and initiated foreclosure. Upon completion of the foreclosure process, we completed a detailed investigation of the property and worked closely with the NJDEP to quantify the environmental issues and requirements to receive a No-Further-Action letter from the agency. A report detailing the complex lien status of the property as well as the environmental issues was prepared by BRG and utilized by the buyer/developer of the property to obtain title to the property and complete the remediation. The buyer now operates their regional plumbing and mechanical contracting business from the facility and has redeveloped the property for their own purposes.