Numerous sites in Florida, Georgia, North Carolina, South Carolina, New Jersey, Ohio and Pennsylvania

Size

Acreage varies

Environmental Issues

Underground Storage Tanks, soil and groundwater contamination

Reuse

Various uses depending on property type

Project Description

BRG acquired surplus real estate assets from BP - America comprising 112 properties nationwide, including retail service stations, bulk plants, truck stops, vacant land, and office space with real estate values of more than $ 20 million. This acquisition represented one of the first and largest transactions of this kind in the United States. Most of these sites had significant environmental conditions impeding the resale of the property. The properties are located in both active commercial areas as well as small rural towns and industrial settings.

BRG Solution

In these acquisitions, BP retained environmental liability for approximately half of the properties and continued to remediate the balance of the properties while we actively marketed the properties for resale. BRG worked with the new buyers and BP to facilitate reuse and resale of the individual properties. Individual “remediation agreements” were issued for each of the contaminated sites that provided an indemnification to new buyers, detailed access rights by the oil company and their consultants, and described minor use limitations for new buyers. The oil company has completed additional transactions with BRG as properties have become available.