Gas station

gas station

A customer acquired a gas station and convenience store from Chevron. Initially, the customer was interested in investing $500,000 in upgrading the storage tank system. However, GeoTech recommended a different approach: selling the property and enlisting GeoTech’s services to oversee site cleanup, closure assessment, and remediation activities. During the closure process, GeoTech successfully arranged for a prominent bank to purchase the property for $2.75 million, contingent upon the client obtaining a Site Rehabilitation Completion Order (SRCO) from the regulatory agency. GeoTech efficiently completed the cleanup within 12 months, and once the process was finished, the bank released the funds back to the client. As a result of this successful transaction, the client now enjoys a peaceful retirement in North Florida.

"Although the business was profitable we were unable to free ourselves from the bondage of managing the gas station

and saw no end in sight with the contamination issues, or dream of selling the property for profit until Neil Lakhlani stepped in. We chose Neil because he showed us a plan from the beginning on how he would clean the site in less than 24 months, structure a favorable contract and negotiate the deal with the largest corporate buyer (bank) and get us the maximum amount possible on this deal. Being a small business, he was always accessible, simplified complex real estate transactions using his commercial brokerage skills and utilized his inhouse environmental team of engineers/geologists with expertise in managing complex due diligence processes with the regulators. That’s why we chose GeoTech to engineer the sale of this property for us.”