ASSIGNMENT:

ALB was asked to Co-list this industrial property. This was an interesting assignment we had a seller that was cashing out after holding this asset for many years. Previously he had occupied the entire building as an owner user but after retirement he kept the building and utilized it as an income property whereby he had multiple tenants a total of thirty-four, and with 32 of the 34 being music studios.

CHALLENGE:

We had multiple offers coming in on the building from mostly developers who wanted to tear it down and during their DD period they would come back with claims of environmental concerns.  Ultimately this was becoming the main issue on the building.

SOLUTION:

We advised the seller of the need for him to engage an environmental firm so that we can determine if there was evidence of contamination at the site location. It turns out that the contamination levels did not have any human health risks and did not require any form of remediation with the building being used as it was currently being used. We located a buyer with all cash who wanted to keep the building just as it was with the same tenant base. This worked out well for everyone we closed the deal another smooth transaction.