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.

Features

• Three buildings totaling nearly 200,000 square feet that had been used for manufacturing fiber-optic telecommunications equipment
• Combined a comprehensive risk management and financial assurance program with a $5 million Cost Containment Insurance (CCI) Pollution Legal Liability (PLL) policy

Performance Milestones

• 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.