T18-3794 Vendome Property SJ

Project Summary Phase I ESA
Location Chicago, IL
Service Phase I Due Diligence
Outcome Successful Acquisition

Targus was retained to perform an environmental site assessment (Phase I ESA and additional non-ASTM services) of the Vendome in Chicago, Illinois. The subject property was improved with Apple’s newly constructed flagship retail store and adjoining office tower and shoreline fronting the Chicago River.

Typical of this area, the subject property included and was adjoined by multiple areas of concern (AOCs). These AOCs included historical thorium fill from the former Lindsay Light Company, multiple existing and former petroleum underground storage tanks (USTs), hazardous waste generators, and other facilities governed under the Illinois EPA (IEPA) Site Remediation Program (SRP). Targus retrieved and undertook thorough review of a substantial body of applicable regulatory files and confirmed status of the facilities with IEPA personnel. The available information documented the protectiveness of petroleum and hazardous substances allowed by IEPA to remain in soil or groundwater, subject to restrictions on removal of surface cover and excavation, and on corresponding notification requirements. This status and the known conditions were considered to be a controlled recognized environmental condition found to be acceptable to the purchaser’s investment committee and its insurance reviewer.

T18-3794 Vendome Property SJT18-3794 Vendome Property SJ