Phone: (714) 730-5397

Phone: (714) 730-5397

A major New York Investment Bank was pursuing the portfolio acquisition of 30 properties in Southern California from a defaulted savings and loan which had been taken over by the Federal Deposit Insurance Corporation (FDIC). Environmental due diligence was required on all the properties which had a variety of potential environmental issues ranging from asbestos, lead, metals, and volatile organic compounds (VOCs) in the soil and groundwater. One of the properties, located in Long Beach, contained approximately 12 acres and multiple commercial buildings. The Reynolds Group was able to complete Phase I Assessments, regulatory audits, and remedial cost estimates for the property transactions in a short time frame. Personnel assessed and defined environmental concerns including past agricultural use of the property, potential solvent use, past existence of underground storage tanks, and a significant off-site source of contamination that allowed the Investment Bank to quantify and understand the risks of advancing their real estate deal. This information was used by the Investment Bank to advance the acquisition.