CASE STUDIES
|
Environmental Situation |
| Site: |
-
Former manufacturing
facility
-
115,000 square feet of
warehouse/office space
-
Excellent visibility from
the major interstate highway
-
Vacant, fenced off and
abandoned for over 6 years
|
|
Soil: |
-
Residual VOC contamination
|
|
Groundwater:: |
-
Significant VOC-impacted
groundwater
-
One plume caused by off-site
impacts
|
| |
|
|
Action: |
A 10 acre site with excellent
real estate fundamentals, the
office/warehouse facility sat
vacant for 6 years after the
former owner went bankrupt and
the lender grappled with the
environmental issues. At least
five prospective purchasers were
unable to close on the property
due to environmental
complexities. RER quickly
negotiated the environmental
issues and purchased the
facility in 1997. RER has
invested significant capital
into renovations and now the
facility is full leased to a
strong local tenant, The Olson
Warehouse Company.
|
| |
|
|
Outcome: |
-
Significant reinvestment in
building renovations
-
Long-term lease enables the
expansion of a strong local
company
-
Tax Base increase of over $3
million
-
Over 25 new jobs
|
|
|
HOME |
PROJECTS |
EXPERTISE |
ABOUT US |
CONTACT
Copyright 2010, Real Estate Recycling, LLC
|
