Quick Facts
Assemblage of a 102-acre, 19th century manufacturing site
Heavily contaminated, complex site containing waste slag and other smelting wastes
300,000 cubic yards of processed dredge material (PDM) and a groundwater cut-off wall were key components of the remedial solution
NAIOP 2018 New Jersey Industrial Deal of the Year
Transaction
Land (acres)
102
Project Outcome
1.3 msf Class A warehouse park
Sellers/Responsible Parties
Stolthaven and Custom Distribution Services
Historical Use
Lead smelting/waste, paint, and pigments
Capital Partner
Goldman Sachs
Buyer
Bridge Industrial
Tenant(s)
Target, XPO Logistics
The property was initially developed in the 1860s by the Guggenheim family. The property was later owned and operated by ASARCO and National Lead and was used for a variety of industrial purposes including disposal of waste slag and other metal smelting wastes, lead processing, paint pigment manufacture, as well as bulk storage and distribution of salt, aragonite, acids, and glycols. In its later years, the site was divided into separate ownerships and was either shut down, abandoned, or became blighted.
In 2012, Viridian became the designated redeveloper of the site by the Perth Amboy Redevelopment Agency (PARA) and secured site plan and subdivision approvals from PARA, the Perth Amboy Planning Board, and the Middlesex County Planning Board for the 1.3M square foot, 3-building Class-A warehouse project. Viridian assembled all the parcels and completed the various entitlements, complex remediation, and extensive site work to deliver the project in pad-ready condition to Bridge Industrial in 2015. This development created over 400 full-time jobs for the local community.
Due to the long operating history on the site, there were many encumbrances that needed to be modified or eliminated to maximize the developable area and achieve desired economics. Additionally, the site has several Potentially Responsible Parties (PRPs), who all had a stake in the successful remediation of the property. Viridian structured a comprehensive remediation plan and tailored the pollution legal liability (PLL) policies and indemnities that addressed the specific concerns of the PRPs and the current owners to execute a liability transfer at closing.
Through the New Jersey Licensed Site Remediation Program (LSRP), Viridian worked closely with the New Jersey Department of Environmental Protection (NJDEP) to create a Remedial Action Work Plan (RAWP), addressing both soils and groundwater. The plan required removal or relocation/capping of slag, PCBs, and other contaminants. In addition, the plan included the installation of a 3,500’ long groundwater cutoff wall as well as the use of 300,000 cubic yards of PDM as fill to bring the site above the flood plain and for use as clean capping material. Site soils were stabilized using dynamic compaction and surcharging to achieve the use of standard foundations for all structures.
