A commercial retail center consisting of 32,200 square feet of gross leasable area and 17 tenants. The retail center was beset by poor leasing and, more importantly, environmental contamination from Tetrachloroethylene (PCE)—a chemical solvent used in the operations of a dry cleaner from decades past.
Douglas Wilson Companies (DWC), agent for Receiver, was charged with overseeing and implementing an environmental remediation plan while also managing all operational and financial aspects of the retail center.
DWC first worked to stabilize the property, shoring up tenant attrition, reducing costs, and installing proper property management. DWC retained and worked closely with environmental remediation professionals to develop a remediation plan for the PCE contamination. A remediation plan for operating a Soil Vapor Extraction unit (SVE Unit) to continually remove PCE from the soil was implemented. Further, DWC had various monitoring wells and soil gas monitors installed throughout the property to monitor contamination levels and ensure ground water was not contaminated. All efforts were done in close coordination with and approval from the regulatory Water Board.
Tenant leasing at the center was stabilized and, after two-years of work, DWC was able to get the environmental remediation to a status where the noteholder was comfortable with foreclosing on the property..
Bel Air Shopping Center
Superior Court of the State of California, County of Placer
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
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