Project
Circle Triangle Retail/Service Center
Location
Long Beach, California
Project Description
Service/Retail Center. 100% leased and occupied.
Project Background
This inline retail property was purchased in 2012 from a major Southern California REIT. The site has residual contamination issues associated with a former underground storage tank. RESIGHT indemnified the former owner for environmental liabilities associated with the site.
Business Plan
RESIGHT’s business plan was to increase the value of the property by increasing rents to market value and extending the term of the leases. Environmental activities include limited investigation work and site characterization to obtain a low-threat closure from the Regional Water Board.
The RESIGHT Solution
RESIGHT saw market concern over an environmental issue as an opportunity to acquire, remediate and reposition the property to create a superior retail/service center in an excellent sub-market location.
