Case Studies

Burlington
Purchase        Remediation        Conditional Sale: 10 Months


Evaluation / Acquisition

In May 2008, we identified a factory in Burlington that was going through Bankruptcy Proceedings This property was brought to our attention by the real estate firm, DTZ Barnicke who were acting for the Trustees (BDO Dunwoody). What attracted us to this site was the overall level of care that had been afforded the factory and the highway access that was available for a future occupant. This property was acquired after acceptance of our offer by bankruptcy court.

Testing

Pro-X Brownfield, Worked with one of their strategic Environmental partners to ensure that the ground in and around the factory had not suffered any damage that could not be reasonably remediated. What was found was that most of the oils used in the manufacture of ink was vegetable and soy based inks and there was very little concern in terms of the underground storage tanks.

The main concern was the machinery and pipe left in the plant that had been used for the manufacturing and transfer of ink respectively.

Remediation

There ended up being close to 6 kilometers of pipe throughout the factory. Our professional analysis showed that we could safely deal with all of the scrap piping as well as a great deal of the left over mixing tanks and underground storage tanks. Through these actions, we brought this factory up to a standard that any warehousing or manufacturer could consider as a safe working environment. Eight months later after removing every old pipe and storage tank along with restoring the floors, walls, and the outside area where underground storage tanks (UST) were located, the property has applied to and will receive a Record of Site Condition.

Selling

Overall, we spent over $200,000 in remediation of the building along with ensuring it receives a Record of Site Condition from the Ministry of the Environment in Ontario.  Currently, this property has two conditional offers and an expected closing for April 2010.

Time Line

From purchase to conditional sale: 10 Months

 

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