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.
Project Description
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.
Scope of Work
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.
Project Resolution
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..
Project Name
Bel Air Shopping Center
Client
Superior Court of the State of California, County of Placer
Location
Sacramento, CA
