WASHINGTON, D.C. – April 1, 2015 – (RealEstateRama) — on March 26, 2015, the Department of Justice approved a Prospective Purchaser Agreement (PPA) with Reichhold, LLC for the purchase of a chemical manufacturing business on 8.8 acres in Azusa, California. The property is part of the San Gabriel Valley Area 2 Superfund Site, Baldwin Park, California, Operable Unit and is located in an environmental justice community, where approximately 79 percent of the population is Latino, 35 percent of the population lives below two times the federal poverty level and 25 percent of the population over the age of 25 has less than a high school education level.
The property was part of the bankrupt estate of Reichhold Inc. The purchaser, Reichhold, LLC, is paying $800,000 to the U.S. Environmental Protection Agency Site special account to fund future response actions. Additionally, the sale will retain 22 jobs, prevent blight in an industrial area and prevent the abandonment of a facility containing substantial amounts of hazardous substances, which could fall into disrepair.