Attaining Case Closure for Real Estate Acquisition

FARALLON ASSISTS CALIFORNIA INVESTORS IN ATTAINING CASE CLOSURE FOR REAL ESTATE ACQUISITION

Established clients trusted Farallon to coordinate regulatory case closure for an investment property.

Farallon negotiated regulatory closure for a California property with historical petroleum releases to soil and groundwater, allowing the clients to acquire the property as planned, with minimal exposure to potential future environmental liability.

Farallon was engaged to perform environmental due diligence at a warehouse formerly used for industrial manufacturing and truck maintenance.  During the Phase I Environmental Site Assessment (ESA), Farallon identified several previously unknown underground features in the truck maintenance area.  Based on the findings, the clients requested Farallon to perform a Phase II ESA to investigate the additional underground features, with oversight by the local regulatory agency.  Farallon detected low levels of petroleum hydrocarbons in shallow soil and groundwater at the site.  Although the regulatory agency generally requires the entire extent of contamination to be mapped before granting case closure, Farallon demonstrated that limited soil and groundwater testing was sufficient.  Through the strength of Farallon’s relationship with the local regulatory agency, the site was granted case closure for the additional underground features.

“The case closure status alleviated our clients’ concerns about the unknown features observed in the truck maintenance area, allowing them to complete the transaction with confidence,” said Project Geologist Gavin Polite Fisco, who managed the project.