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Multi-scope Due Diligence for Shopping Center - Puerto Rico

Project Location 
San Germán and Bayamon, Puerto Rico
Sector
Retail & Commercial
Completion Date 
Tuesday, October 17, 2017
Consulting Value 
$25,000
Project Leads 
Shopping Center Foundation Damage Assessment

About the Project

In the early summer of 2017, Partner provided the client with a debt-level Phase I Environmental Site Assessment (ESA) and Property Condition Assessment (PCA) for two shopping plazas in Puerto Rico.  A short four months into ownership, Hurricane Maria, the worst natural disaster on record, devastated the island.  A month after the hurricane made landfall, Partner was able to visit the island and provide a post-storm mold assessment and damage review on the shopping centers located in San Germán and Bayamon, on behalf of the owner. 

 

Partner’s reports inventoried damages created by wind and flood, and allowed the client to have a set of documentation to make insurance claims, and prepare for repair.  Damage assessment reports documented all the changes observed to the subject property since the initial visit, including new damage to roof, HVAC systems, interior finishes, fencing, landscaping, and site erosion. Additionally, Partner provided a moisture mapping report, which quantified areas of significant water damage and suspect mold growth in the interior tenant spaces. The moisture mapping results allowed the client to remove only the portions of interior finishes that were deemed unrepairable, saving the owner on costs for complete interior renovations.

 

Also, during this time, some tenants were stating that they were unable to occupy their spaces and were refusing to pay rent. Our assessments provided guidance for necessary immediate repairs or if it was acceptable for tenants to re-open their business, and thereby allowing the owner to continue to collect rent from the tenant.

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