Preacquisition Due Diligence for prospective Purchaser and Financial institution in Ohio
AKT Peerless was asked by Comerica Bank to engage with a potential buyer to conduct a pre-purchase assessment of the property. The subject property was used as an automotive auction facility. Ancillary operations included facility management, housekeeping, limited vehicle cleaning, and light vehicle maintenance. There were two buildings located on the subject property. The property had a long history of commercial and industrial use.
AKT Peerless utilized its extensive due diligence and site assessment experience to determine potential areas of concern that could impact the subject property. During the Phase I Environmental Site Assessment, AKT Peerless identified operations that predated current environmental regulations involving the use of numerous bulk storage tanks, which were recognized as current environmental conditions. Our team then conducted the Phase II ESA to collect soil and water samples at these former locations. Additionally, soil vapor samples were collected beneath a building floor to determine the potential for vapor intrusion into an active building. A report summarizing the Phase II activities, conclusions, and recommendations was provided to Comerica and the potential buyer.
The subject property was situated in a commercial/industrial setting. The future use of the subject property, as anticipated by the buyer, was for commercial/industrial non-residential use. AKT Peerless concluded in the report that while some chemicals of concern in soil and groundwater were above detectable levels, these levels were below commercial use levels. Therefore, the exposure risk to users of the subject property was minimal, provided that paving at the facility was maintained and groundwater was not used for drinking water. AKT’s assessment allowed the buyer to move ahead with property planning.
