Lake Underhill AmSouth
Orlando, Florida
Delivered: April 2004 | Total Cost: $2.2MM
• Plan: acquire vacant and decrepit Mobil gasoline service station and perform a build-to-suit of a 3,200 square foot AmSouth Bank branch.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma; tenant AmSouth inexperienced in build-to-suit tenancies.
Result: contamination not as bad as assumed, indemnity obtained from Mobil, and environmental insurance policy placed to further protect ownership and tenant; committed additional resources to develop a master build-to-suit lease that would end up being used five more times
Ehrlich AmSouth
Tampa, Florida
Delivered: March 2005 | Total Cost: $1.248MM
• Plan: acquire decrepit Shell gasoline service station and perform a 2,000 sq. ft. build-to-suit for AmSouth Bank.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma; site and planned building too small for tenant to pay appropriate build-to-suit rent.
Result: contamination not as bad as assumed, indemnity obtained from Shell, and environmental insurance policy placed to further protect ownership and tenant; convinced tenant to switch to ground lease only and perform its own improvements.
Southchase AmSouth
Orlando, Florida
Delivered: October 2004 | Total Cost: $2.773MM
• Plan: acquire vacant and decrepit Chevron gas- oline service station that was not on the market and perform a 3,300 square foot build-to-suit for AmSouth Bank.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma and property devoid of indemnity from a big oil company.
Result: contamination not as bad as assumed and environmental insurance policy placed to further protect ownership and tenant
Satellite Beach AmSouth
Satellite Beach, Florida
Delivered: March 2006 | Total Cost: $1.861MM
• Plan: acquire decrepit Chevron gasoline service station that was not on the market and perform a 3,800 square foot build-to-suit for AmSouth Bank.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma; area deposit projections too weak for tenant to pay appropriate build-to-suit rent.
Result: contamination not as bad as assumed and environmental insurance policy placed to further protect ownership and tenant; convinced tenant to switch to ground lease only and perform its own improvements.
Alafaya AmSouth
Oviedo, Florida (owned)
Delivered: November 2004 | Total Cost: $3.338MM
• Plan: acquire operating Chevron gasoline service station that was not on the market and perform a 3,800 square foot build-to-suit for AmSouth Bank.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma; site restricted by adjacent shopping center owner for gasoline service station use only.
Result: contamination not as bad as assumed and environmental insurance policy placed to further protect ownership and tenant; negotiated pass through common area maintenance contribution in exchange for lifting of the use restriction.
Indialantic AmSouth
Indialantic, Florida
Delivered: July 2005 | Total Cost: $2.178MM
• Plan: acquire decrepit Chevron gasoline service station that was not on the market and perform a 2,000 square foot build-to-suit for AmSouth Bank.
• Potential Deal Breakers: operating Chevron reluctant to sell; former gasoline service station contained inherent contamination stigma and lacked big oil indemnity; lack of tenant prototype to fit site size of 20,000 square feet of land.
Result: contamination not as bad as assumed and environmental insurance policy placed to further protect ownership and tenant; commissioned non-prototypical building designed to tenant standards.
Boynton Trail Bank Atlantic
Boynton Beach, Florida
Delivered: April 2008 | Total Cost: $2.6MM
Total Cost: $2.6MM
• Plan: acquire Citgo gasoline service station that was not on the market and ground lease to Bank Atlantic for a 3,800 square foot bank branch.
• Potential Deal Breakers: former gasoline service station contained inherent contamination stigma and lacked indemnity from big oil.
Result: contamination not as bad as assumed and environmental insurance policy placed to further protect ownership and tenant.