TerraSure Enables Client to Divest Contaminated Asset in Southern Florida

January 17, 2006/Ft. Myers, Fla.: Utilizing its unique “turn key” approach to real estate remediation, TerraSure Development LLC (TerraSure) has successfully assisted an owner with divesting a commercial retail property impacted by soil and groundwater contamination. TerraSure is a national firm that specializes in providing environmental remediation and risk-transfer services to eliminate the cost uncertainty that can hamper the transaction of environmentally impaired real estate.

The site contamination was caused by perchloroethylene, or PCE, a dry cleaning solvent that was spilled into the ground by two former dry cleaning operations that leased space in a retail shopping center. Although the shopping center was well-leased and financially successful, numerous prospective buyers were either afraid of the environmental costs and liability and, therefore, walked away, or they offered the owner a purchase price well below market value.

TerraSure stepped in and not only quantified and fixed the remediation cost, but the firm guaranteed it would clean up the soil and groundwater to the point at which the Florida Department of Environmental Protection would issue a “No Further Action” declaration. TerraSure’s guarantee also indemnified the property owner, buyer, and lenders from environmental cleanup cost liability. By eliminating these concerns, the property was successfully sold.

“The entire process thus far has been close to invisible from an operating standpoint,” stated the buyer. “In fact, we have experienced virtually no disruption to our facility throughout the remediation process. TerraSure’s guaranteed fixed-price remediation approach was instrumental in fulfilling the seller’s needs, and it has enabled our center to continue to be positively repositioned in the market place.”

“It was truly gratifying to assist our client in selling this valuable piece of real estate, which had been on the market for too long because of the environmental cost and liability concerns as a result of the former dry cleaning operations,” stated Thomas Lobasso, C.P.G., president of TerraSure.

TerraSure performs all of the contract management tasks and manages the required site work, regulatory communications, and document filings. In addition, TerraSure utilizes the latest innovative remediation technologies to achieve site remediation, providing clients with a seamless process.