Small Corner on major intersection

[Ivan Leung]

Hi All,

I love reading the insights you have on this site.   Very helpful!  I am interested in purchasing a 0.42 acre property on a major intersection of a developing city on the I-95 ramp.  The opposite 2 corners have giant truck stops.  The other 2 corners are vacant land and I am looking at purchasing one of these corners.  Major traffic count, about 40,000 per day.  The county is planning on widening the road in the near future.  I'm thinking of putting a small fast food joint like Checkers, which doesn't require a large footprint.  I have a couple of questions and concerns.  I found out that in the 80's, that site contained a small gas station which had a contamination issue.  The broker told me that the EPA clean up program is in effect.  Has anyone dealt with this old gas station contamination issue in Florida?  Being that it is a small parcel, does anyone have any additional ideas as to what type of food place can sit on a small parcel such as this?    Subway is also across the street.  Thanks for any and all input.

[Taylor Hazard]

No experience in Florida but I have sold gas stations before. Do not take the listing agents remarks on enviro issues as gospel and contract with a real estate attorney to review all documents. These can be sticky transactions and the LAST thing you want is to take on ANY liability for what might or might not be in the dirt or ground water.

Im also fairly certain that you can not put any food uses (or residential uses) on contaminated sites but that might be incorrect. Again check with attorney. 

From a RE strategy standpoint I would be careful of "over saturation", if there are already two large truck stops can the intersection really support any more retail? Would potential customers have to drive past the existing gas stations / convenience stores to get to yours? 

If i were in your shoes I would tie up the property with a 120 day inspection period then light a fire under your broker to go out and find a tenant.