Dr. Thomas W. Hamilton, MAI, CCIM, CRE, FRICS, Gerald Fogelson Distinguished Chair in Real Estate, Ph.D., an expert in generally accepted appraisal practices, testified pertaining to the concept of inextricably intertwined real property. He described the terminal business as a liquid storage warehouse and the income generated the equivalent of rent. He explained that, for example, the terminals are no different than a dry goods storage facility located on California’s shores—those storage facilities receive goods coming into the country and the shoreline location is critical to that business.
Read the full court of appeals decision here: Marathon Petroleum and U.S. Venture v. COM (1) (1)-zehcjr