Oakland Deed-Restricted Solvent-Tank Site — 17,280 SF Industrial
A deed-restricted former solvent-tank site, sold to a local developer.
What the property's history looked like.
Seven underground tanks were removed from the site: a heating-oil tank in 1998 and six solvent tanks in 2002. Groundwater was impacted by petroleum hydrocarbons and chlorinated solvents, and the off-site plume is still being defined. A deed restriction bars residential use because of the site's environmental history, yet earlier buyers had put it in contract as a residential project.
How we handled it.
Reset the plan around permitted use
We were the second broker on the assignment and rebuilt the marketing for non-residential buyers.
Sold the building's character
Creative users had always occupied it, and we marketed it that way.
Drew a broad field
Offers came from local users, development firms and investors.
Closed in a tight lending market
Regional bank failures tightened financing mid-sale.
Deal specifics
Related sales.
Own a property with environmental history?
Request a confidential opinion of value. We start with what the site's history means for value and for buyers.
jida@lee-associates.com
CA DRE Lic. #01826381
bgallagher@lee-associates.com
CA DRE Lic. #02047890
dogard@lee-associates.com
CA DRE Lic. #02103324
San Francisco, CA 94104