Project Summary Medical Office Building Acquisition
Location Jefferson County, Alabama
Service Phase I Due Diligence
Outcome Successful Acquisition

The prospective purchaser engaged Targus to conduct a Phase I Environmental Site Assessment and additional environmental services of three medical office buildings totaling approximately 300,000 square feet, one of which was situated above a former stream routed through an underground box culvert. The subject property extended just beyond the individual building footprints to include only flatwork. Construction of the improvements was completed in 1969, 1985, and 1989. Historical occupants of the surrounding area included numerous up-slope dry cleaning, wet laundry, gas station, and auto service facilities, many of which were presumed (but not documented) to have released petroleum or hazardous substances. However, these off-site facilities were separated by a substantial distance by surface parking of the prior adjacent acute care hospital. As a result, by virtue of the presence of intervening surface lots, petroleum or hazardous substances, if present, were considered to be a de minmis condition and not a recognized environmental condition.

However, Targus observed the presence of substantial quantities of friable asbestos-containing material in the form of spray-applied and thermal-system insulation. Several small areas (less than two feet in length) of damaged non-friable insulation were observed. These conditions were opined to be suitable to be managed in place and an Operations & Maintenance program slated for post-closure preparation and implementation.