Project size—
Our focus is on middle-market redevelopment opportunities. Our desired project size has a pro-forma cost above $10 million (including acquisition, remediation and repositioning costs), with an equity requirement between $3 million and $25 million. We will consider single asset acquisitions, as well as portfolio acquisitions.

Location—
We seek to acquire properties in prime real estate markets in key urban areas, with a preference to West Coast and Midwest cities.

Property type—
Our development activities span all asset classes. We will acquire impaired properties regardless of the ultimate use.

Deal structure—
We will purchase property “as is” and assume all acquisition, remediation and repositioning costs. If appropriate, we can provide an indemnity to the seller, backed by environmental insurance from a qualified carrier. Alternatively, we can purchase the property and allocate environmental risk proportionally, between buyer and seller. If desired, we will work with the property owner to remediate and reposition the property in a joint venture or deferred close format. We can even work as a fee-based developer for a property owner.

Pollution—
Most of the properties we review have had limited environmental assessments and the cleanup costs are not fully understood. We can assist sellers in identifying accurate remediation costs, evaluating the use of environmental insurance and negotiating cleanup objectives with state voluntary cleanup program offices. This allows us to come up with a state-of-the-practice, environmental risk mitigation strategy. In addition, we have the ability to identify applicable government incentives that may apply to a site and structure the transaction to maintain program eligibility requirements. We are solution-oriented developers; we can find an economic structure that fits your business goals.

Responsible redevelopment—
We choose to work in the brownfield arena not only because we have the expertise to profitably redevelop sites, but because we also believe in the benefits of recycling land and preserving green space for future generations to enjoy.

Submissions—
We are actively looking for redevelopment opportunities. If you have a site you own or can refer to us for our consideration, please contact us.