Pre-Acquisition Support for GTJ Realty
The subject site consists of a 92,500 square foot commercial building on a 12.13 acre parcel. PWGC was retained to assess the property as part of a pending real estate transaction for GTJ Realty. PWGC’s initial role was to conduct a Phase I environmental site assessment to determine if any Recognized Environmental Conditions (RECs) were present as per ASTM E1527-13.
We conducted the Phase I within the client’s due diligence period and subsequently provided the client direction with respect to the results, and how they would impact GTJ’s ownership of the property
The Phase I identified the property to have numerous documented spill conditions related to its former use as a gun manufacturer. PWGC’s evaluation of the conditions, showed that most of the 13 areas of concern identified at the property had been resolved. PWGC also identified two issues at the property (a storm water outfall and a drum debris area) that were not covered in the original areas of concern.
PWGC conducted a Phase II to address the above areas. The Phase II did not identify any contamination associated with the drum debris area or the outfall.
Based upon these conditions, the buyer proceeded with the sale. PWGC continues to assist the client with the site in reviewing the remaining environmental work being conducted by the previous owner (responsible party) and their environmental consultant.
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