Phone: (714) 730-5397

Phone: (714) 730-5397

This site had lain fallow for a decade. It had contained a mechanical manufacturing business, a dry cleaner and a gas station at one time. The Reynolds Group worked with the clients counsel to enable the client to sell the property to a new owner for redevelopment. In order to facilitate the sale, TRG identified the environmental liabilities associated with the past uses of the property, negotiated with the Voluntary Oversight Program at the Los Angeles Regional Water Quality Control Board to separate soil and groundwater contamination into two issues, and addressed the soil contamination based on health risk standards. TRG obtained a No Further Action Letter for the soils issue which was key to allowing the real estate transaction to proceed. The seller provided a discount on the market value of the property to the buyer to accept the risk and liability of future costs associated with further groundwater assessment and remediation. Both parties were ultimately satisfied. The client was able to sell the property for cash and transfer liability to the seller. The buyer was able to buy the property at a risk appropriate discount for future development. The City of Long Beach benefited by having a formerly blighted property developed as a major grocery center.