Desert Fashion Plaza Property Condition Report and Phase I Environmental Assessment

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Desert Fashion Plaza Property Condition Report and Phase I Environmental Assessment .,.,. .r.-· ~ Building Diagnostics, Ltd. DESERT FASHION PLAZA PROPERTY CONDITION REPORT AND PHASE I ENVIRONMENTAL ASSESSMENT t'7;38 Elton Road Sbite 318 Silver Spring, MD 20903 The Property Condition Report & BDL Phase I Environmental Site Assessment for: . I Property Name DESERT FASHION PLAZA~ Property Address 123 North Canyon Drive Palm Springs, California 92262 Report Number 8-o1-o1o 11 Prepared for EXCEL LEGACY CORPORATION, its successors and/or assigns Gateway Tower, 563 West 500 South Suite 440 Woods Cross, Utah 84087 Prepared by BUILDING DIAGNOSTICS, L TO 1738 Elton Road, Suite 318 Silver Spring, Maryland 20903 301 408 2552 Evaluation Date · . January 19, 1998\\ Report Date January 23, 1998\\ .. Table of Contents Section Page Topic .I EXECUTIVE SUMMARY 1 #3 • Rapid Review .....I I .. I 2 #9 • Scope of Work I SITE OVERVIEW I 3 #16 • Subject Property Description I j PROPERTY CONDITION REPORT I 4 #19 • Site and Common Elements I I 5 #24 • Architectural I 6 #28 • Mechanical and Electrical Systems 7 #34 • Photographs I 8 #40 • Americans with Disabilities Act I I PHASE I ENVIRONMENTAL SITE ASSESSMENT I 9 #41 • Site Reconnaissance I 10 #54 • Records and Database Review I 11 #79 • Information Sources 12 #80 • Appendixes I © 1998 Building Diagnostics, Ltd. 2 Desert Fashion Plaza Executive Summary ' 8-01,D10. 1/19198 Rapid Review I SECTION 1 RAPID REVIEW~ SUMMARY II These charts present a summary only. Please refer to the I pages listed for comprehensive information about each _ item listed. b=================~ CONDmON The designations "good", "fair", and "poor'' are defined as DESIGNA110N follows: "Good" means that the item is in average or better condition for its age, use and location of the property. "Fair'' means that the item is in below average condition, and "Poor'' means that the item is in need of repair or replacement. b===================~ REPAIR COSTS Repairs, and associated costs, are categorized as: • Environmental • Critical Architectural and Engineering • General Architectural and Engineering • ADA Repairs Environmental costs may include mitigation of environmental hazards such as asbestos or lead paint or testing of Underground Storage Tanks (UST's). Critical Architectural and Engineering repairs are those items, whose nature or condition, creates a safety hazard or is causing substantial deterioration to the subject property. General Architectural and Engineering repairs are those items which are usually deferred maintenance and can be done in the first year of the loan closing ... ADA Repairs are those items required to conform to the Americans with Disabilities Act. © 1998 Building Diagnostics, Ltd. 3 Desert Fashion Plaza Executive Summary s.d1-010' 11191a8 Rapid Review ·I6=======================A=RC=H=I=TE=C=T=U=RA==L=A=N=D=E=N=G=IN=E=E=R=IN=G=S=U=M=M=A=R~Ydij Item Cond. General Critical Comments Page Repair Repair No. Site and Common Elements Condition Parking Garages F Maint. Repair cracks 19 Sidewalks F Maint. 19 Site Lighting F $15,000 Add lighting 20 Water Lines G Landscaping G Retaining Walls G Garage Gates · F $15,000 Replace gates 31 Architectural Condition Foundation G Slabs and Floor Systems G Exterior Walls G Windows and Frames F/G Maint. Roof System and Roof Drainage P/G $40,000 Replace roof on /. Magnin 25 Common Area Entry Ways G Mechanical and Electrical Systems Condition HVAC G Domestic Hot Water G Hot and Cold Water Piping G Elec Service p $25,000 Do load study and correct 32 Elevators & Escalators G ADA Requirements I Total ~epair Costs $9s,ooo 1 © 1998 Building Diagnostics, Ltd. 4 Desert Fashion Plaza Executive Summary 8-01.'-()10. 1/19198 Rapid Review BUILDING The chart below presents a summary of the ENVIRONMENTAL environmental aspects of the site building inspected SUMMARY CHART during this environmental site assessment. Please refer to the pages listed on the chart for comprehensive information about each item identified for further action. 6=================~ Assessment I. Action Req. Cost Comments Page Building Environmental Assessment ACM O&M Previous ESA found asbestos-containing 42 Program spray applied ceiling finish on site. PCBs None Radon None lead Based Paint None lead in Water None Haz-Mat. Management None Seismic Zone Zone4 High Tension lines on or adjacent to site No © 1998 Building Diagnostics, Ltd. 5 Desert Fashion. Plaza Executive Summary 8-01-010 1119198 Rapid Revievv IENVIRONMENTAL SUMMARY I Prior Use ~ Based on a review of historical sources, prior land use of I potential environmental concern was not identified on the _ subject property or adjoining properties. ~==================~ Sunourding Properties IBased on a review of historical sources and a records I review, there are no adjoining properties wh1ch Will have a _ negative environmental impact on the subject property. ~==================~ NPLsites There are no NPL sites within the AMSD, which will have a negative environmental impact on the subject property. ====================~ CERCUS. sites !There are no CERCUS sites within the AMSD, which will I have a negative environmental impact on the subject ~============'~ property. RCRIS Generators ~ There are no RCRIS generator or transporter sites within I the AMSD, which will have a negative environmental impact on the subject property. ====================~ RCRIS TSD sites There are no RCRIS TSDs within the AMSD, which will have a negative environmental impact on the subject property. ====================~ SH\NS facilities IThere are no SHWS (including California TOXICS and I CORTESE hsted s1tes) w1th1n the AMSD wh1ch w1ll have a negative environmental impact on the subject property. ====================d IS\1\Jf"JI....SfaaTrties ~There are no SWF/LS within the AMSD, which will have a =-================!!~ negative environmental impact on the subject property. ERNS sites ~ There are no ERNS sites within the AMSD, which will I have a negative environmental impact on the subject 6=:===========:!1,. property. © 1998 Building Diagnostics, Ltd. 6 Desert Fashion Plaza Executive Summary a-01.-010' 1/19,98 Rapid Review On-site USTs & ASTs There are no USTs on-site. There is one on-site emergency generator with a "belly tank" AST. This AST is in compliance with state and local regulations and will not. have a negative environmental impact on the subject property. b===================~ I Off-site regis!effid UST II There are no RUSTs within the AMSD, which will have a '==·faci=U=ities===========~ negative environmental impact on the subject property. I LUSTfacilities II There are no LUSTs within the AMSD, which will have a 6_ ============~ negative environmental impact on the subject property. Conclusion The Phase I Environmental Site Assessment Update was performed in general agreement with the ASTM Practice E-1527 guidelines. Any evidence of recognized environmental conditions identified in connection with the subject property is discussed fully in the following sections of this report. No additional assessment of this property, including, but not limited too a Phase II · level environmental assessment is required. '=================~ © 1998 Building Diagnostics, Ltd. 7 Desert Fashion Plaza Executive Summary 8-01.010 1/19198 Replacement Reserve I REPLACEMENT RESERVE ESTIMATE II EVALUATORS SUMMARY PHYSICAL NEEDS OVER THE TERM Desert Fashion Plaza Square Feet 358,227 MORTGAGE TERM: UNIT ITEM QTY. COST YEAR1 YEAR2 YEAR3 YEAR4 YEARS YEAR6 YEAR7 YEARS YEAR9 YEAR10 YEAR 11 YEAR12 HVAC 12 5000 $ 5,000 $ 5,000 $ 10,000 $ 10,000 $ 15,000 $ 15,000 Domestic Hot Water Heaters 1 $ 2,500 Roofs 2830Sq 200 $ 141,500 $ 141,500 $ 141,500 $ 141,500 Plllnt Extertor LS 75000 $ 75,000 OTAL-UNINFLATED: $ - $ 5,000 $ - $ 5,000 $ 219,000 $ 151,500 $ 141,500 $ 151,500 $ - $ 15,000 $ - $ 15,000 CUMULAnVE-UNINFLATED: $ - $ 5,000 $ 5,000 $ 10,000 $ 229,000 $ 380,500 $ 522,000 $ 673,500 $ 673,500 $ 688,500 $ 688,500 ~ 703,500 PER UNIT (unlnftated) 0.16 INFLAnON ® 2.5%: 100.000.11> 102.50"11> 105.06% 107.69% 110.38% 113.14% 115.97% 118.87% 121.84% 124.89% 128.01% 131.21% OTAL INFLATED: $ - $ 5,125 $ - $ 5,385 $ 241,732 $ 171,407 $ 164,098 $ 180,088 $ - $ 18,734 $ - $ 19,682 CUMULAnVE-INFLATED: $ - $ 5,125 $ 5,125 $ 10,510 $ 252,242 $ 423,649 $ 587,746 $ 767,834 $ 767,834 $ 786,568 $ 786,568 $ 806,249 PER UNIT (Inflated) 0.19 -··- Although the HVAC units are the tenant(s') responsibility, there Is the possibility that a tenant will not renew a lease at a time when the HVAC unit 8eiVIng that space Is In need of repair or replacement. Because of the possibility that the owner will Incur these costs, a percentage has been · Included In the above recommendations. © 1998 Building Diagnostics, Ltd. 8 Deser,t Fashion Plaza Executive Summary 's-o1-010 1/19,98 Scope of Work I SECTION 2 SCOPE OF WORK I THE PURPOSES OF THIS The purposes of this architectural, engineering, and REPORT Phase I environmental site assessment report are to: 1. describe architectural and engineering conditions as they relate to the subject property's current state of being 2. identify and analyze, to the extent feasible, recognized environmental conditions in connection with the subject property This report is an opinion work. The conclusions presented are held with confidence and, where possible, opinions are supported by positive knowledge and proof. The content of this report is subject to appropriate privacy and non-disclosure privilege. The mention of trade names or commercial products does not constitute endorsement, or recommendation for use. 6=================~ THE PROPERTY The Property Condition Report is performed by
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