As for the fees, the dollar amount can be all over the board depending on the lender but on most larger commercial projects it is not uncommon to incur  significant underwriting cost for appraisal, environmental, PCNA reports etc..

I will call environmental and ask, but it looks like it could be a huge liability.

Also, are there any environmental issues/liabilities that you are on the hook for?

I am concerned he will not sign off on anything without a environmental test. 

Closing costs, environmental reports, carrying costs are going to be free too?  

To give you an idea, you can probably build storage from ground up (assuming nothing crazy with the land...environmental, massive earth work, jungle, etc) for somewhere around $30 per square foot.

Some good points already stated above.One risk not mentioned that can be expensive is environmental issues.

If so, entities such as your State environmental agency and the U.S.

Some of the conditions they want me to waive are: Phase 1 & 2 environmental study, they cant provide me with current tenant leases, can't provide building plans, surveys, fire certificate, previous building expenses.

While Brokers and salesperson who are involved in this transaction are trained as licenses under the New Jersey Licensing Act they readily acknowledge that they have no special training or experience with respect to the complexities pertaining to the multitude of structural, topographical, and environmental components of this Property.