LAS VEGAS -- Global Development & Environmental Resources Inc. said that its wholly owned subsidiary, Recovery Earth Holdings Inc., has completed the acquisition of four closed gas stations located in Illinois. The properties were purchased in a cash and stock transaction and are owned by Recovery Earth Holdings with a current market value in excess of $1.5 million.
Recovery Earth continues to identify properties believed to represent attractive acquisition candidates. This deal is the first of what the company believes will be a series of recovery [image-nocss] and redevelopment opportunities for impaired stations around the United States. The initial goal of the company is to perform the necessary environmental repairs required to bring the properties into compliance with Illinois' Environmental Protection Agency. Upon completion, the company plans to sell the properties to a petroleum company for retail operation at a price reflective of the remediation services in a current, improved market valuation.
Peter Cimino, Recovery Earth's president, said, In virtually every town in America, both large and small, there exist environmentally impaired properties that offer Recovery Earth the opportunity to improve local communities from an environmental perspective. At the same time, our company has an opportunity from a financial perspective. I believe this scenario paves the way for our company to have excellent relationships with local and state business leaders throughout our country. Unlike a typical real estate development firm, we are in a unique position in that at most of our development sites, we actually reduce environmental impact during the period of time that we develop a property. As a kid growing up playing in the forest, I was always told to leave something cleaner than you found it. I still try to live by that today.
Las Vegas-based Global Development & Environmental Resources is an environmental services and land development company that provides turnkey risk assessment, engineering and construction development, environmental and related services to both public and private clients in numerous industries. It offers integrated services that help clients take an infrastructure project from concept to completion.
Recovery Earth is the real estate development arm of Global Development & Environmental Resources. The primary development focus of Recovery Earth is to identify properties that offer recovery and redevelopment opportunities. Typically, it seeks to acquire parcels of raw or developed real estate that have specific environmental impairments. Through its affiliated subsidiaries within Global Development & Environmental Resources, Recovery Earth can efficiently and economically remediate distressed and impaired properties, returning them to an environmentally friendly state for internal operation or resale.
Additional projects for Recovery Earth are expected to include commercial real estate development, industrial office buildings and warehouse facilities and retail shopping centers, it said.
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