Could be heavily contaminated? 

But, as in most things, you would list that the sale is base on contingencies such as getting schedule E’s, passing inspection, getting copies of leases, appraising high enough, getting financing of at least X% of the value, no lead/radon contamination, zoning and permits are clear, etc...  

So, yes liability is a concern.Your municiplaities concern is going to be ground water contamination.

Your vinyl floor is also contaminated.

A structure is unfit for humanoccupancy whenever the code official finds that such structure is unsafe, unlawful or, becauseof the degree to which the structure is in disrepair or lacks maintenance, is unsanitary, vermin orrat infested, contains filth and contamination, or lacks ventilation, illumination, sanitary orheating facilities or other essential equipment required by this code, or because the location ofthe structure constitutes a hazard to the occupants of the structure or to the public.

This industrial area has a lot of contamination so dampens value so was thinking perhaps there was a play here. 

And, there's a history of industrial contamination.

Some can even detect chemical composition and contaminates, like lead.

Environmental contamination from underground tanks is a big thing.

Also check for Radom and lead paint contamination.