Innovative Partnering Approach Drives Real Estate Solution
Weston Solutions, Inc. (WESTON®) offered an innovative partnering approach that allowed Sturbridge Business Park, an industrial manufacturing facility in central Massachusetts, to divest both real estate and environmental liability while retaining the ability to participate in the financial benefits of the property.
Eye on Sustainability
- Developed an environmental assessment strategy
and Remedial Action Plan (RAP) to permanently and cost-effectively
eliminate future liabilities for environmental contamination
- Complete site closure was obtained 8 years
ahead of schedule and substantially under budget.
- Strategic investment in the park is allowing
it to be redeveloped as a commercial site that meets the needs
of growing local businesses.
- Three buildings totaling nearly 200,000
square feet that had been used for manufacturing fiber-optic
- Combined a comprehensive risk management
and financial assurance program with a $5 million Cost Containment
Insurance (CCI) Pollution Legal Liability (PLL) policy
- Assumed environmental liabilities for
existing groundwater, soil, surface water, and sediment contamination.
- Purchased a 56-acre active industrial
complex to attain environmental closure and boost facility profitability
with current and new tenants.
- WESTON agreed to purchase the property
at a discounted value, invest in the redevelopment, and share
the upside value of the property.