5910 Del Amo Boulevard, Lakewood, California
Southeast corner of Del Amo Boulevard and Woodruff Avenue in the City of Lakewood, County of Los Angeles, California.
The property was a former Shell gasoline station. At the time of acquisition, the property was a vacant lot. The land size is 22,200 square feet.
The development included a 4,800 square foot multi tenant retail shopping center with a drive thru end cap, which was originally leased to Starbucks, Wingstop, Robeks Juice, and Quiznos. After completion of the shopping center, the construction loan was replaced with long term permanent financing, which resulted in a significant reimbursement of the investor equity, and stabile passive income.
The property contained significant petroleum contamination in the groundwater and soil. In addition, the source of the contamination was directly below the shopping center building footprint. Consequently, we developed and coordinated a remediation strategy that included installing a subsurface system below the building foundation during construction, which effectively cleans the subsurface contamination beneath the building slab after the building was constructed.
The drive through component of the building required a conditional use permit.
Disclaimer: This property was purchased, developed, and leased under the leadership and supervision of Aaron Swerdlow, as a co-founder of Festival Development Partners, LLC. This is not an Equitas Investments, LLC project.