Ownership Transition Environmental Due Diligence

An industrial client undergoing an ownership transition needed to provide lender-required environmental assessments as part of the loan application process. The subject facilities included more than 50 properties totaling approximately 1,300 acres in Pennsylvania, Maryland, Delaware, and New Jersey. Nine of the properties contained shipping/distribution centers, while the remaining properties were commercial, residential, and agricultural.

In accordance with ASTM Standard Practices E1527-13 for Phase I environmental site assessments, RETTEW conducted regulatory file reviews, obtained owner/occupant questionnaires, developed historical site development timelines, and prepared and submitted detailed reports documenting noteworthy items and recognized environmental concerns (RECs). The identified RECs included above-ground storage tanks, groundwater impacts, underground storage tanks, floor drains, oil/water separators, and subsurface hydraulic lifts. RETTEW worked closely with the client’s lender to clarify any environmental risks, allowing funding of the ownership transition to proceed.

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