Machine and Foundry
After three generations, the business was sold. The family kept the real estate with the intention of selling an income property for increased value.
Problem
The business was a specialty manufacturer for the aerospace and maritime industries and occupied the same building since the 1930s.
The family sold the business to the employees and with a large book of business they were able to sign a long term lease on this one-of-a-kind facility.
With a credit tenant, the family wanted to sell this NNN income property but was worried about the feasibility a buyer would go through and the discover of contamination, which everyone suspected from years of operations.
Restorical was hired, proactively, to identify the historical insurance policies to act as a financial asset if/when pollution was confirmed.
Solution
Restorical located evidence of historic insurance coverage dating back to the early 1950s. Based on our findings, we recommended that the client take this issue into their own hands and hire an insurance coverage attorney and environmental consultant. When pollution was confirmed on the property, the insurance coverage identified and organized by Restorical was utilized to fund a complete investigation and remediation of the property.
With a clean property, our Clients were able to work with their real estate broker to successfully market the property.
Impact
As a result of Restorical efforts, a contaminated site that would have been subject to a price reduction was able to be sold with a premium.
The new owners acquired a wonderful income property that had a clean bill of environmental health
Find Your Policy
