ELT Announces Purchase of Defunct Mill Property Outside Portland, OR |
Commercial Development Company, Inc. (CDC) has announced the acquisition of a retired paper manufacturing plant in Newberg, Oregon. The site was acquired by CDC affiliate Newberg OR LLC. The transaction included the acquisition of real estate assets and a corporate indemnification for legacy environmental liabilities associated with the site. CDC affiliate Environmental Liability Transfer, Inc. (ELT) facilitated the transfer of environmental liabilities. CDC and affiliates will now oversee the sale of equipment and demolition of the buildings.
CDC will look to reposition the site to take advantage of the site’s development potential, which includes 120 acres of industrial/mixed land, four acres of multi-family land, and 1.5 acres of commercial land located in an Opportunity Zone and Enterprise Zone.
“We are excited to expand our redevelopment efforts into the greater Portland area” said Adam Kovacs, Executive Vice President at Commercial Development Company, Inc., “Our acquisition of this retired plant is the first step to repurposing the property and moving it back into productive use – the site has phenomenal development potential and we are eager to see the economic benefits this transaction brings to the region.”
CDC is currently evaluating all development options and will be meeting with local economic leaders to find end users who could benefit from the large amount of land available and prime location. Additionally, the site has heavy power, easy proximity to the I-5 transportation corridor, and potential for both rail access and significant water rights.
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Acquisition Announcement
ELT/CDC Announce Purchase of Defunct Paper Mill
POWER Magazine
Power Plants Decommissioning Tips to Save Time, Money, and Hassle
Industrial Liquidation Projects
IARG Announces Two Liquidation Project
ELT Acquisition Criteria
Seeking Environmental Liabilities & RE Assets in All Sectors
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Robust Indemnification and Environmental Guarantees Found Nowhere Else in the Market
ELT has successfully assumed nearly $2 billion USD in corporate environmental liabilities for clients - and has never defaulted on an obligation or given a site back to the seller/PRP. Additionally, over 90% of ELT’s assumed liabilities have achieved final environmental milestones or are in the last stages of regulatory closure. This experience is critical when choosing a partner for environmental liability management.
If you have an industrial asset or environmental liability you would like considered by ELT, please contact us today for a confidential and no-cost value proposition.
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Power Plant Decommissioning Tips to Save Time, Money, and Hassle |
All power plants have a finite useful life. Thus, there will come a time at every facility when the unit must be retired and the decommissioning process undertaken. Decisions must be made on who will do the work, how long to allot for the job, and what to do with the site in the end. Fear not, however, there are best practices your company can follow to ensure everything goes smoothly.
Randall Jostes, CEO of Environmental Liability Transfer Inc. (ELT), a comprehensive environmental liability assumption company that acquires retired facilities, handles the decommissioning activities, and repurposes the sites, agreed. “We start with the reuse in mind. In other words, we have internal land planners that look at the market—look at the infrastructure of the site—to determine its highest and best future use,” he said.
“It’s a matter of putting a compelling economic equation in front of these utilities, showing them that our process is economically superior. And it’s quicker. And it’s guaranteed,” Jostes said. He noted that many of the communities affected by a plant closing have lost jobs and are looking for redevelopment. “We have all of that in-house,” he said. “Instead of going out to market, the utility really is getting everything that is required to decommission, reposition, and redevelop the site in one company.”
For example, when an owner self-performs a decommissioning project, it often must engage with and solicit bids from a number of specialists, such as demolition companies, asbestos abatement remediation companies, real estate development companies, machine and equipment liquidation companies, and more. That’s a lot of work, and there are a lot of different profit centers that are all looking to take a cut. With a firm like ELT, that’s all done in-house, and therefore, Jostes said his company can put forth better economic terms that can get the project completed faster. “We think we expedite the development of these types of facilities by about 24 months,” he said.
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Image: In December 2018, ELT assumed the environmental liabilities at the retired 1,600-MW coal-fired Brayton Point Power Station in Somerset, Massachusetts. Today, the site is being transformed into a world-class logistical port and support center, which will be capable of component manufacturing, staging, operations, and maintenance for offshore wind and other related sectors. The image on the left was taken Oct-2019, and the image on the right was taken July-2020. |
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Industrial Asset Recovery Group
Current Liquidation Projects
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CDC's many ongoing brownfield redevelopment projects have resulted in a bevy of surplus machinery and equipment - now available for purchase. Industrial Asset Recovery Group manages this process and is pleased to present two liquidation events this month. |
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Former Augusta Chemical Plant
Assets from a former chemical manufacturing plant in Augusta, GA.
Dates: Ongoing
Location: Virtual & In-person
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Former Newberg Paper Mill
Assets from a former paper mill and manufacturing facility in Newberg, OR.
Dates: Ongoing
Location: Virtual & In-person
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ACQUISITION CRITERIA
Seeking Industrial Real Estate Assets and/or Environmental Liabilities
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ELT has successfully assumed nearly $2 billion USD in corporate environmental liabilities for clients - and has never defaulted on an obligation or given a site back to the seller/PRP. Additionally, over 90% of ELT’s assumed liabilities have achieved final environmental milestones or are in the last stages of regulatory closure. This experience is critical when choosing a partner for environmental liability management.
If distressed real estate and liabilities are impacting your operations, transactions, or balance sheet, please contact us for a confidential discussion.
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ELT's core offering includes: |
- Environmental Liability Transfers
- Brownfield Real Estate Purchase
- Liability Transfer + RE Purchase
- Guaranteed Cost Certainty
- Corporate Indemnification
- Maximum Value for Retired Assets
- Transfer of Regulatory Obligations
- Transfer of Post-Closure Obligations
- Sustainable Redevelopment Planning
- Sale / Leaseback Options
- Preservation of Legacy & Brand
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Environmental Liability Transfer, Inc. (ELT), along with four distinct affiliate companies under common ownership, have become one of the most impactful brownfield redevelopment and environmental remediation and consulting firms in North America.
By leveraging the core competencies of its affiliate partners, ELT now has the ability to consolidate multiple elements of brownfield redevelopment into ONE comprehensive value proposition - Real Estate Purchase, Environmental Liability Assumption, Fixed Price Environmental Remediation, Demolition, and Liquidation Services.
For more information on ELT or our affiliates, please visit our websites (right) or download ELT's Brownfields Brochure.
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For more information about anything in this newsletter or to schedule a confidential discussion regarding your environmental liabilities or brownfield properties, please contact us.
John Kowalik
Phone: (314) 835-2813
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