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Philip L. Hinerman, partner at FoxRothschild, left, and William P. Lynott, chief executive officer of Viridian Partners Philip L. Hinerman, partner at FoxRothschild, left, and William P. Lynott, chief executive officer of Viridian Partners

PHILADELPHIA, PA AND HIGHLANDS RANCH, CO—Buying and selling brownfield sites for redevelopment as new, mainly industrial, uses can be challenging, but knowledgeable buyers can relieve some of the remediation headaches for owners of such bedeviled properties, according to two experts who have been working together on acquisition and redevelopment of these sites.

“What you’re looking for is a way to get rid of a contaminated property that’s in your portfolio, something that maybe you’ve dragged your feet on, and you’d like to get it out of the portfolio of the company,” Philip L. Hinerman, a partner at FoxRothschild, a Philadelphia law firm, tells GlobeSt.com exclusively. “On the other hand what you want to do it is make sure that if you do sell that property, that you’re selling it to someone who is a responsible party, who’s going to finish any work that needs to be done on the site, and will get rid of the site once and for all for you. If you’re a buyer, your main concern is that you’ve got to make sure you make a good deal. You have to understand the contamination that is on the property, you have to do your due diligence, you have to make sure you get a price that allows you to do whatever work needs to be done on the property, and that means you’ve got to be willing to accept some delays.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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