An Environmental Potpourri: Ten Properties with Spotty Environmental Pasts (Including One with Chlorinated Solvent Contamination) Bought for $124 Million

Cole Schotz advised a private real estate fund on environmental matters in connection with its acquisition of 10 properties, spanning eight states, for $124 million. The deal involved navigating multiple sets of challenging environmental conditions, including sites that were: 1) previously operated as a semiconductor and metals manufacturing facility with existing chlorinated solvent contamination in the groundwater and active mitigation systems, 2) a former PCB remediation site, 3) an old landfill with prior U.S. Environmental Protection Agency (EPA) designations, and 4) a prior petroleum bulk storage facility with land use restrictions. We also successfully procured environmental insurance coverage for multiple sites. Jill Richardson, Jullee Kim, Erin Palmer, and Megan McCurdy of Cole Schotz’s environmental team advised on this matter.