The three properties owned by UNIVAR Solutions at Oakdale Road and Main Street in Jamestown have been purchased by Fortress Investment Group, a subsidiary of Abu Dhabi (United Arab Emirates) sovereign wealth fund Mubadala Investment Company.* Interestingly, Mubadala is a longtime investment PARTNER of Apollo Global Management Inc., which acquired UNIVAR Solutions in 2023 for $8.1 billion.
UNIVAR Solutions, formerly known as Chemcentral, is a chemical storage, blending and distribution facility located at 108 Oakdale Rd (but headquartered in Downers Grove, Illinois, a suburb of Chicago). The UNIVAR property here in Jamestown has onsite contamination issues and undergoes a lengthy groundwater and surface water assessment inspection each year. Older public records documents attribute contamination to an underground storage tank (farm), some of which leak.
The Warranty Deed, executed Dec. 20, 2024 and recorded Dec. 30, 2024 in the Guilford County Courthouse indicates Fortress Investment Group, based in New York, purchased the property in a sale-leaseback deal for $2,917,833 through a company it set up in August 2024 called “FNLR Compounds Matter Too LLC.” A 20-year Lease Agreement between “FNLR Compounds Matter Too LLC” as Landlord, and UNIVAR Solutions as Tenant was executed and recorded.
Also executed between the parties: a 20-page REMEDIATION AND ACCESS AGREEMENT for the purpose of “allocating liabilities, responsibilities, expenses and other matters relating to the presence of Hazardous Substances that may be present at, on, or beneath the Property,” as referenced on these three pages (a link to the full document is at the bottom of this post):
Here’s the entire REMEDIATION AND ACCESS AGREEMENT:
Last April, we reported on the high levels of Volatile Organic Compounds that continue to be found in UNIVAR‘s groundwater and surrounding surface water, and vapor intrusion in the buildings across from the UNIVAR site on Main Street. We also reported on correspondence sent from an NCDEQ contractor – concerning the contamination – to Jamestown’s Town Manager and the Guilford County Dept of Health that went unanswered.
*According to 1012 Industry Report, the majority of Fortress Investment Group’s equity is owned by a consortium led by Mubadala Capital, a subsidiary of Mubadala Investment Company, a United Arab Emirates sovereign wealth fund.
In August, 2024, the Guilford County Property Tax Records showed valuation as follows:
Univar Office Building – 1.83 acres, appraised land value is $128,100, which equates to $70,000/acre. The building is 6,196 square feet. In 2000, This property was assessed at $45,800. In 2004, it increased to $64,100. There was no change until 2017, when it increased to $81,100. The 2022 reassessment took it up to $664,300.
This means that UNIVAR’s office building property enjoyed 22 years of assessed tax value UNDER $100,000. Finally, in 2022, the value was assessed at $664,300. The tax appraisal record states that the value of BUILDING IMPROVEMENTS was only $11,300. Property Taxes Paid in 2023: $4,852 to Guilford, $3,886 to Jamestown.
Univar Main Building – 6.08 acres, appraised land value is $191,500, which equals $31,496/acre. The building is 47,492 square feet. In 2001, property assessment value was $1,149,200. In 2004, it increased to $1,862,200, and stayed there until 2012, when it dropped to $1,786,000. In 2017, it increased to $1,819,000. The 2022 reassessment dropped it to $1,738,100. UNIVAR’s 2022 tax assessment value was 6.6% LESS than its 2004 assessment, and 4.4% LESS than 2017 assessment. Property Taxes Paid in 2023: $12,696.82 to Guilford, $10,167.89 to Jamestown.
Attachments – Lease Agreement & Deed, UNIVAR-“FNLR Compounds Matter Too LLC” :