Former Fuel Distribution Site

New York & Massachusetts

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Development

The repositioned assets are being used by their new owners for a variety of uses including light industrial, retail and commercial, as well as tourist destinations and parks.

Repositioning

Fourteen properties were acquired from Transwestern Oil based in Houston, Texas. This portfolio included several properties in New York State and Massachusetts. Most of the properties had been used as terminals for the storage and distribution of oil and other petroleum products. The properties ranged in size from less than an acre to over 100 acres. The economics of the portfolio transaction were driven by attractive assets in Queens, New York and South Boston, Massachusetts. The entire portfolio was acquired with a combination of internal and third party equity, providing the Seller with an immediate cash sale and a full release from all environmental liability.

Remediation

Remedial actions have been completed at all of the sites. In most cases, this required some limited soils removal, tank removal, continuing treatment and monitoring of ground water and regulatory interface.

A Remediation Project (Stop Loss) Policy was used to cap the total remediation expense for the portfolio. Separate 2 to 5 year Real Estate Pollution Policies for each property were purchased to insure against third-party claims for injury or loss after remediation was complete.