Former Fuel Distribution Sites – New York & Massachusetts

Repositioning Case Study

History

Fourteen properties were acquired from Transwestern Oil based in Houston, Texas. This portfolio included several properties in New York State and Massachusetts. Most of the properties had been used as terminals for the storage and distribution of oil and other petroleum products. The properties ranged in size from less than an acre to over 100 acres. The economics of the portfolio transaction were driven by attractive assets in Queens, New York and South Boston, Massachusetts. The entire portfolio was acquired with a combination of internal and third party equity, providing the Seller with an immediate cash sale and a full release from all environmental liability.

Development

  • Outcome: 14 properties being utilized for a variety of uses including light industrial, retail and commercial, as well as tourist destinations and parks.
  • Location: New York State & Massachusetts

Remedial Solution

Remedial actions have been completed at all of the sites. In most cases, this required some limited soils removal, tank removal, continuing treatment and monitoring of ground water and regulatory interface.