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Development
Partners for Success
Brownfield Partners purchases quality real estate assets in targeted markets across the country. The company capitalizes on the unique position of its Partners as national experts in the structuring, acquisition and execution of Brownfield redevelopment projects to create successful transaction partnerships with commercial, industrial and residential developers in key locations nationally.
Brownfield Partners is able to draw upon regulatory experience, corporate, legal and political relationships, technical expertise, and insurance expertise to efficiently and profitably acquire and reposition Brownfield properties. Brownfield Partners principals were among the first entrants to the Brownfield redevelopment business. These early pioneers provided the proof of concept – there is a demand for repositioned Brownfield properties; the environmental risks can be effectively managed; insurance can be obtained to manage the remediation and financial risk, and these deals can be done at an attractive risk-adjusted profit.
The Benefits of Brownfield Redevelopment
Brownfield Partners offers owners of Brownfield properties the ability to monetize non-performing assets, remove liability from the balance sheet, and exit from the non-core business of environmental remediation. For communities, sites that are cleaned up and returned to productive use generate new jobs, provide new tax revenues, stimulate economic growth and remove blight from the community. The redevelopment of a property uses existing infrastructure and saves development costs inherent in
Greenfield
development. Brownfield development also is in keeping with principles of smart growth and the trend toward urban renewal.
We recognize that each transaction holds its own unique characteristics and objectives. Brownfield Partners works closely with the seller and other stakeholders throughout the acquisition and redevelopment process to ensure that the reuse approach satisfies financial, corporate, environmental, regulatory, and community objectives.
Proven Results
The Brownfield Partners team has extensive experience in the due diligence, underwriting, acquisition, remediation and redevelopment of contaminated properties. Founders
Stuart Miner
and Mary Hashem are former principals of The LandBank Group, Inc., where they worked together on more than 20 Brownfield acquisitions across the nation. A sample of these projects include:
- The former Pacific Refinery property in Hercules, California, a joint venture project with the Catellus Development Corporation resulting in a repositioned single family residential project with a sales value of $90 million dollars;
- The former Time Oil terminal property in
San Pedro
,
California
, developed into 1.8 million square feet of industrial distribution warehouse buildings which sold for $125 million dollars;
- The former Kaiser Steel Works property in
Fontana
,
California
, wherein we negotiated and structured the contract to acquire 578 acres of the former steel mill. In this project we completed all due diligence and developed the regulatory and risk management programs for environmental remediation. Additionally, we gained approvals for up to 7.6 million square feet of industrial distribution development. Our contract position was sold to Catellus Development Corporation, who to date has completed over 4.2 million sq. ft. of industrial distribution buildings at the Kaiser Commerce Center with a value in excess of $250 million dollars; and
- The former Omar Rendering Plant in
Chula Vista
,
California
, which is being redeveloped into the second phase of the
Chula Vista
Auto
Park
. At build out, the
Auto
Park
will have a value in excess of $45 million dollars and will generate over $1.2 million annually in sales and property taxes to the City of
Chula Vista
.
- A portfolio of fourteen oil storage and distribution terminals located throughout
New York
and the greater
Boston
area. Upon completion of remediation the sites reuse vary among light industrial, commercial, and recreational uses.
- The former Rowe International, Inc. vending machine production facility in Whippany, New Jersey, which is being developed into 50 single-family homes.
- A portfolio of three income-producing industrial properties located in the
West Dallas
sub-market. Upon acquisition the sites were entered into the TCEQ Voluntary Cleanup Program. Upon entry into the VCUP, negotiation of fixed-price remediation contracts, capital improvements, and lease renewal, the properties were sold.
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