The situation
A family that had owned and operated a gas station for years came to GeoTech to upgrade aging single-walled underground storage tanks to meet current state and county requirements.
The challenge
The property carried a legacy petroleum discharge on record from decades earlier. Multiple prior consultants and brokers had told the family, for years, that the contamination meant the property could never be sold.
- Legacy contamination
- GeoTech oversees cleanup
- Bank buys, contingent on closure
- Site Rehabilitation Completion Order
The outcome
Rather than just upgrading the tanks, GeoTech proposed selling the property while overseeing the closure and cleanup as part of the deal. GeoTech arranged for a bank to purchase it for $2.75 million, contingent on a formal state closure order. The cleanup was completed within 12 months, the order was issued, and the sale closed.
Results reflect this property's conditions and scope. Other properties will differ.
Project photos
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Read the transcript
A family had run their gas station for years, and needed to upgrade aging underground fuel tanks to meet current regulations. But there was a problem hanging over the property, a legacy fuel discharge from decades earlier that several consultants and brokers had told them, for years, meant the property could never be sold.
We looked at it differently. Instead of just upgrading the tanks, we asked: why not sell the property, and let us handle the cleanup as part of the sale?
We arranged for a bank to purchase the property for two million, seven hundred fifty thousand dollars, contingent on us delivering a formal closure order from the state. We completed the cleanup in twelve months, the order was issued, and the sale closed.
That family is retired today, because a problem everyone else called permanent turned out to be solvable.
That's the difference between managing contamination, and actually closing it out.
