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Acquisition Strategy, Environmental Due Diligence, Regulatory Support Acquisition of land for New Moon Media Corporate Headquarters
Salt Lake City, Utah
Brownfield Partners assisted New Moon Media with acquisition strategy, environmental due diligence, and regulatory compliance for the acquisition of land for an office redevelopment.
The property consists of .75 acre lot and a 2,500 square foot building that formerly housed a credit union. Historically used as a service station, underground storage tanks released hydrocarbons into soil and groundwater impacting off-site private property and a public right of way. Although tanks had been removed and a soil vapor extraction system had been decommissioned, there remained residual soil and groundwater impacts an ongoing obligation for site monitoring by the responsible party.
Environmental due diligence performed by Brownfield Partners included documentation and records review and discussions with the Department of Environmental Response and Remediation Case Manager. This effort revealed the need to modify the site development plan as a result of existing well placements and zones of residual contamination.
Brownfield Partners further assisted New Moon in pre-closing negotiations with the seller to secure broad form indemnification for pre-exiting environmental liability as a means to manage the risk of encountering regulated materials during demolition and construction.
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