Summit Associates, Inc., one of New Jersey’s leading commercial real estate developers, along with an investment client managed by BlackRock, Inc., were faced with a score of challenges in conjunction with the acquisition of a 42-acre undeveloped and vacant parcel of land in Newark, New Jersey from Coca-Cola Enterprises. The site was at one time the location of a precious metals processing facility owned by Engelhard Corporation, which Coca-Cola purchased but never utilized.

Farer Fersko’s ability to successfully resolve an extensive array of legal issues helped to facilitate a timely and cost-effective closing on the purchase of this property.

The transaction was complicated by a number of difficult title, land use and environmental issues. Farer Fersko took an aggressive and proactive approach to these issues, resulting in the following outcome:

A Conrail driveway license was terminated

Riparian rights, stream encroachment and wetlands issues were resolved in a manner which limited their impact on development

Inconsistent zoning ordinances and redevelopment plans, as well as off-site contribution obligations, were reconciled through negotiation with the municipal engineer and planner

Issues related to ongoing environmental remediation were addressed through a combination of negotiation with the seller and the use of environmental insurance

In addition, the Farer Fersko team for this project – led by Jack Fersko and including Marcie Horowitz, John Hague and Anthony Giountikos – assisted Summit Associates, Inc., in obtaining preliminary and final site plan approval from the Newark Central Planning Board within three months of filing the site plan application.

Plans are continuing to break ground for 800,000 square feet of industrial space on the site, and our firm continues to represent and advise the clients on this undertaking. Farer Fersko is proud to represent the interests of Summit Associates, Inc., and BlackRock, Inc., in the redevelopment of this property, which is expected to have a significant and positive impact on the city and state’s economy by creating abundant employment opportunities, both in the construction of the facility and by its end users.