Thinking of purchasing a waterpark property? Have you done your due diligence? There are many facets to the condition and maintenance of a waterpark and you don’t want to go in to a sale blind. Consider a Property Condition Assessment (PCA). PCAs are a valuable service tool for investors and developers prior to a purchase, sale, or refinance to evaluate a property’s elements, buildings and systems.
The PCA assesses the general physical condition and maintenance status of the property, and recommends repair and maintenance items considered significant for the property to continue in its current operation and/or to be restored to a good condition consistent with comparable projects of similar age. This assessment is also often performed to determine energy efficiency, operational concerns, and general facility condition.
PCA reports contain a wealth of information for the client to keep over the length of ownership. Reports include descriptive text, site photographs, interview documentation, a summary of immediate repair needs, estimated capital needs expenditure, and a variety of other information regarding the property.
The scope of work generally includes a review of construction plans and O&M manuals, a visit to the facility to characterize existing property conditions, search of state and local building department records (including interviews with local officials), and interviews with the current property owner, manager, and/or occupant.
The scope of the assessment can involve just the aquatic features, or can be expanded to include the building envelope, structural and mechanical systems, and other interior building components.
RAMAKER was recently hired to evaluate the CoCo Key waterpark in Arlington Heights, Illinois. For nearly twenty years, RAMAKER has provided a full range of due diligence services to assist banks, purchasers, and sellers with real estate transactions. RAMAKER’s broad range of in-house engineering, environmental and construction industry expertise allows PCAs to be completed accurately and efficiently.
Be prepared. Whether purchasing a new facility or looking to get a true evaluation of your facility’s current condition, do your due diligence.
