Solutions for Contaminated Real Estate Newsletter - March 2017
In this Newsletter:
Bay Aread Brownfield Re-Utilized by Automotive Services Company
For over 15 years, this 108-acre brownfield property sat idle due to unresolved environmental impact.
Six months after acquisition (August 2016), Commercial Development Company, Inc. (CDC) is pleased to announce a new tenant in place - AMPORTS, a premier automotive services and port terminal operator.
CDC's sustainable redevelopment strategy and the successful transfer of environmental liabilities to Environmental Liability Transfer, Inc. (ELT) was the catalyst needed to bring this inactive site back to productive and regulatory-appropriate utilization.
CDC affiliate EnviroAnalytics Group (EAG) will continue to work with the California Department of Toxic Substances Control (DTSC) to oversee ongoing remedial activities, including environmental monitoring, to bring the site to regulatory closure.
ELT Removes Environmental Liabilities During M&A Transaction
ELT has assumed legacy environmental liabilities associated with a 33-acre shuttered automotive parts manufacturing facility & warehouse located in Weaverville, NC. CDC provided fair market value for associated real estate assets.
ELT played a critical role in a larger transaction that enabled the sale of an automotive parts manufacturing company. ELT was able to indemnify the buy-side and sell-side from environmental liabilities, which cleared the way for the primary transaction to progress to completion.
EAG has already begun a series of remedial actions to bring the site to regulatory standards, which is expected to be achieved later this year.
Throughout the remediation process, CDC will be working with local stakeholders to find an appropriate end-user to take advantage of the site's attractive warehousing and production capabilities.