Well, it’s that time of year again. Nope, not Halloween, Thanksgiving or the December Holiday season. Time to prepare for year-end real estate closings. December 31st sneaks up quickly, and many owners want to “clear the books” at the end of the calendar or fiscal year to make their lives easier for tax planning and accounting purposes. Out with the old, in with the new!
The real estate market is running hot, and planning is important to ensure year-end closings go off without a hitch. As a critical stage in any commercial or industrial real estate acquisition, it is important to ensure environmental due diligence and regulatory compliance has been satisfied for the property in accordance with all laws, regulations and standards. Environmental due diligence is a comprehensive, complex, and critical stage in any commercial and industrial real estate acquisition. You don’t want to leave any stone uncovered, and you want the most time available to review all documents and identify any and all possible red flags with the property.
In addition, in New Jersey, regulatory compliance under the Industrial Site Recovery Act (ISRA) is equally as critical to ensure an ISRA subject property has either received a Response Action Outcome, a Licensed Site Remediation Professional certified Remediation Action Workplan, or a Remediation Certification to allow a real estate closing to occur in accordance with the law.
Waiting until last minute to complete an environmental review can have a detrimental effect on a closing. Those of us at Whitman are well equipped to help you with any regulatory and due diligence needs. We have a dedicated Environmental Due Diligence group and nine (9) Licensed Site Remediation Professionals to assist with ISRA compliance and other regulatory needs. We work on many different types of projects with all types of clients.
Whitman’s Senior Regulatory Manager, Tina Layre, has 31 years of experience with the New Jersey Department of Environmental Protection. Ms. Layre spent a majority of her career assisting parties close real estate, asset and stock transactions under ISRA and is now with Whitman to ensure expert guidance is provided and timely compliance is achieved.
For more information, or if you have any questions, please call or email Tina Layre or Chemmie Sokolic, Whitman’s Director of Due Diligence Services.
Posted on September 18, 2017