Unique real estate transaction to benefit base Published March 26, 2008 By Compiled from various sources 452 Air Mobility Wing MARCH AIR RESERVE BASE, CALIF. -- The Air Force recently held one of its largest "Industry Day" events in the City of Norwalk, Calif. and on March ARB. This activity presented an opportunity for real estate developers, building contractors, private equity lenders and others to take possession of an old defense fuels farm in exchange for improvements at the base. Almost 60 individuals attended the first day. Last month, the Air Force announced its intentions to exchange approximately 50 acres of property, commonly known as the Norwalk Defense Fuel Supply Point, for military construction projects at March Air Reserve Base. The property will be transferred under the Real Property Exchange Program (RPX). This program allows the Air Force to exchange the property and receive as consideration the construction of replacement facilities or additions or alterations to existing facilities on government property at the base. The future land use of the property will be determined in accordance with the City of Norwalk's master plan and zoning designation. The Air Force is required by federal law to obtain fair market value for the property. Air Force officials have shared their plans with Norwalk city officials and will continue to work with the city during the disposal process. The Air Force intends to expedite property disposal to help economic development, job creation and to open the property to potential uses such as park, commercial and light industry. The Norwalk Defense Fuel Supply Point consists of Air Force property formerly used by the Defense Logistics Agency/Defense Energy Support Center (DLA/DESC) to store and distribute fuel. The facility was constructed in 1923. In 1951, the Air Force acquired the then approximately 70-acre parcel. Over time, portions of the property were conveyed for school and park use (Holifield Park). In 1970, the remaining 50-acre parcel was transferred to DLA/DESC under Air Force ownership, and the property has been operated by various subcontractors since that time. The property was declared excess to the military in 2001 and surplus to the federal government in 2004. The property, located at 15306 Norwalk Boulevard, in Norwalk includes approximately 50 acres and is bounded on the west by Norwalk Boulevard, on the north by Excelsior Drive, on the east by a public park, and on the south by a residential neighborhood. The property consists of 12 above-ground tanks and associated piping, a truck loading facility, and numerous small buildings. When operations ceased at the property in 2001, DESC removed all fuel from the tanks, secured the tanks, and cleaned and shut down all pipelines. The Air Force is planning to conduct a competitive public disposal process whereby the property will be exchanged for military construction projects of value comparable to the property's fair market value. The military construction projects will improve infrastructure at March Air Reserve Base. Details on the Norwalk Fuel Depot RPX were communicated during this two-day event and posted to a web site for attendees.