Industry: Real Estate Brokers
Many real estate brokers are unfamiliar with environmental issues. The Reynolds Group routinely assists real estate brokers to understand and develop options for dealing with potential environmental concerns. Typically, The Reynolds Group's work starts with an initial consultation with a Principal of the Firm which The Reynolds Group usually performs at no charge.
Many times, financing of projects is contingent upon performing some sort of environmental work. Completing real estate transactions may hinge on the outcome of environmental investigations and the "cost" or "responsibility" for remediation.
The Reynolds Group, with its breadth of regulatory knowledge and experience resolving environmental issues, can provide technical consultation and practical implementation steps that provide visibility to real estate brokers and take much of the uncertainty out of the deal. The Reynolds group also works closely with competent environmental legal counsel and when necessary can be a vital team contributor to the real estate transaction project team.
Due Diligence (7474.XII)
| Client: |
THE DEWEY GROUP |
| Proj Mgr: |
Al Fuan
|
Completed: |
11/25/2009 |
| Industry: |
Real Estate Developers
Real Estate Brokers
|
Service: |
Soil Remediation
Site Assessment
|
| The Dewey Group was considering a real estate transaction in Long Beach. The deal involved a property that had been redeveloped prior to current regulatory statutes so, it was unknown if past activities had impacted the site. TRG developed a limited scope of work based on historic aerial photographs to screen the soil and groundwater at the site for chemicals associated with the past uses of the property. The results of the investigation allowed The Dewey Group to consider purchasing the property at a risk reduced price or to pass on the purchase. The work TRG performed in one day helped The Dewey Group avoid acquiring an environmental liability over half a million dollars. |
Insurance Policy Case (7115VIII)
| Client: |
FULLERTON UNIVERSAL |
| Proj Mgr: |
Al Fuan
|
Completed: |
04/05/2007 |
| Industry: |
Real Estate Managers/owners
Insurance Companies
Real Estate Brokers
|
Service: |
Regulatory Response & Negotiation
|
In some environmental cases, The Reynolds Group discovers issues that may be covered by insurance policies. On one case in Fullerton, California that The Reynolds Group performed, a forensic investigation of insurance policies led to finding that a Firemans Fund policy existing for a case. Once pressed, the insurance company processed the policy and paid. Although The Reynolds Group was not contracted to be the consultant of record because the insurance company had its own preferred vendors, the Client won in that the insurance company began funding the environmental work and the Clients use of its own financial resources were diminished.
|
Environmental Oversight Review (7372.13)
| Client: |
CBA PROPERTY MANAGEMENT |
| Proj Mgr: |
Ed Reynolds Jr.
|
Completed: |
06/05/2009 |
| Industry: |
Real Estate Brokers
|
Service: |
Groundwater Monitoring
Site Assessment
|
| In some environmental oversight cases, The Reynolds Group provides oversight for characterization, cleanup and monitoring to its client to assure they are in the right tract in cleaning up their site. In the case of a former quality cleaners in Los Angeles, The Reynolds Group consulting with its client in regards to the soil and groundwater monitoring related to the site. |