Acquisition, Change of Use and Disposition of Former Industrial Property

Rich handled the acquisition and simultaneous disposition to two subsequent purchasers of a former industrial site. While under contract for sale to Earp Cohn’s client, the site was divided into two parcels to be used for residential and institutional purposes. Rich worked with local zoning counsel and counsel for the seller and for the acquiring entities to successfully coordinate the closing of a complex transaction. It involved the transfer of development credits from a separate parcel owned by the institutional purchaser, the simultaneous sale of that parcel to a municipality, and the purchase and immediate disposition of the former industrial parcel to the ultimate ownership entities.