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Landfill property acquired through foreclosure of past due real estate taxes.

A former construction and debris landfill for Westinghouse, the site was closed for over 20 years and has since been monitored by the city of Coral Springs for soil and groundwater contamination. After completing the appropriate environmental testing and documentation with the respective governmental agencies, GKE was able to obtain a No Further Action letter from the Florida Department of Environmental Protection (FDEP). Subsequently Broward County and the FDEP issued a Completion and Release of Long-Term Care letter, which was required for a 20-year period after landfill closure. The property was sold to a large regional Florida industrial user in October of 2022. The fund received a 320% return on invested capital.