Is Contamination A Deal Killer?

Today’s show is a case study in due diligence. Last week our company put a property under contract for an industrial storage facility in Jacksonville Florida. We asked the seller for the usual list of due diligence deliverables. But the seller said they were only willing to send the due diligence items after the property was put under contract.

They provided a complete due diligence file which included a phase 1 environmental study and a phase 2 on-site test results of soil samples and groundwater. The subject property has a history as an auto parts salvage yard. In 2017 a fire broke out which caused many of the vehicles, tires and petrochemicals to catch fire.

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