The Seller’s family owned the property for almost 60 years. Seller was over 80 years old, partially paralyzed, and had no financial resources. Property had been vacant for over 15 years, and the District Attorney filed had criminal charges for failure to comply with multiple Cleanup and Abatement Orders.
Hyperion Due Diligence
During the acquisition process, Hyperion wrote a preliminary Remediation Work Plan and began negotiations with the Water Board for a path to obtain a No Further Action Letter. Hyperion also hired an environmental consultant and grant expert to determine if the site could be a candidate for government environmental grants.
Hyperion Solution
Hyperion acquired the property after analyzing remediation options and determining the probability of receiving State environmental grants. Although no agency closure limits or grants were guaranteed prior to close of the acquisition, Hyperion bought the property after a 150-day due diligence period. The environmental liability to the Seller was eliminated. Hyperion fully remediated the property, obtained a No Further Action letter from the Water Board, made substantial improvements and rented the facility. The property has been 100% leased since remediation was complete.
