The owners decided it was time for them to retire after being third generation owners of Pacific Fibre and Rope. They had spent the majority of their lives in those buildings, growing up as kids, and working well into their 70’s and 80’s inside the very same property their grandfather and father built.
We were able to help them get the highest price the market would bare, but most importantly get them the terms they needed to feel comfortable with to part ways with their family’s legacy, property, and retire. This meant released deposits from the buyer, and 2-30 day escrow extensions to give them extra time to close down their family’s 90-year-old business.
The biggest challenge was handling an environmental issue as the buyer had an SBA loan. They needed evidence there wasn’t an issue with the property’s soil despite being in a Brownfield, and having inconclusive results from the 1st drilling. Thus, requiring a 2nd test with new borings to determine there was no contamination.
There was also record of a UST(underground storage tank) in a databse used by environmental companies despite no UST ever being on property. We had to work with the environmental company, Fulcrum, and the banks to get them comfortable with the fact their was never a UST despite a database from the 1930’s stating there was one.