Whitestone SOQ

P ROJECT D ESCRIPTION

Sale-Lease-Back Portfolio Due Diligence

C LIENT

The Great A&P Tea Company, Inc. 2 ParagonDrive Montvale, NJ 07645

C ONTACT

Mr. Robert Volosin, Vice President (201) 571-4802

Whitestone Associates, Inc. has conducted hundreds of ESAs to fulfill corporate due diligence requirements for properties to be acquired/developed. In one instance, Whitestone completed expedited ESA services for eight New England sites in one week. As a follow-up to its Phase I ESA investigative efforts, Whitestone has addressed identified areas of environmental concern through soil, groundwater, and soil-gas contamination assessments. These assessments have included groundwater monitor well installation, sampling, and modeling; soil-gas surveys; and soil sampling and analyses. Whitestone also has designed and implemented dozens of asbestos, lead paint, air quality, and mold survey, abatement, and management programs. Whitestone performed supplemental site evaluation and remediation management services in support of three Sale-Lease-Back programs worth more than $300 million involving 50+ sites in multiple states. Remedial efforts at these sites included tank closure, contaminated soils excavation/off-site disposal, groundwater remediation system installation and monitoring, and site capping. Whitestone also has conducted several hundred geotechnical investigations including thousands of borings and test pits with soil samples classified and analyzed for geotechnical parameters in Whitestone’s in-house geotechnical laboratory. Whitestone also has designed foundations, pavements, floor slabs, and retaining walls and provided construction phase testing and inspection and pavement consulting and management services. From 1998 to 2001, Whitestone conducted environmental and geotechnical due diligence investigations at a former ConEd coal gasification plant site that A&P was planning to lease and redevelop as new vehicle maintenance facility and truck/trailer parking area. The site adjoins the existing A&P/Shopwell Hunts Point Warehouse and Distribution Center on East Bay Avenue (Food Center Drive) in Hunts Point, Bronx, New York and is identified as the Site E Operating Unit in the Hunts Point Cooperative Redevelopment Plan. Whitestone’s involvement in this project included a review of previous site investigation activities completed by others on behalf of A&P; recommendations for supplemental contaminant delineation and NYSDEC reporting; preparation of draft and final Site Redevelopment Corrective Action Plans for submittal by the NYCEDC to NYSDEC; geotechnical investigations (boring and test pit installation, laboratory testing, and reporting); and development of a site-specific Health and Safety Intrusive Investigations and/or Earthwork Operations . Whitestone worked closely with representatives from the NYCEDC and various other City and State environmental and public health agencies on this project. S AMPLE P ROJECT .

P ERIOD OF P ERFORMANCE

1994 to Present 2007

T OTAL R EDEVELOPMENT V ALUE

$235,000,000

L OCATION

A&P Retail Store Locations & Warehouse/Distribution Facilities Northeastern, Mid-Atlantic, Midwestern & Southeastern U.S. NYCEDC-Managed Property Former ConEd Coal Gasification Plant Site Hunts Point, Bronx, New York

P ROJECT H IGHLIGHTS

Interface with City agencies (NYCEDC, NYCDEP)

Environmental and Geotechnical consulting services

Assessed, investigated and/or remediated 300+ sites to date

Provided due diligence investigations and site remediation services to assist with securing in excess of $300M through a Sale-Lease-Back program involving more than 50 supermarket sites

Performed concurrent projects at dozens of sites in multiple states

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