How do you go about protecting yourself from acquiring environmental liability? The best answer is to do a Phase I Environmental Site Assessment (ESA). In the process of doing so, let’s say that you uncover something so scary that you’re ready to head for the door (such as your desired property is on an EPA Superfund Site).
The following was my experience when a real estate advisory client that was interested in acquiring a regional shopping center came to me already knowing that there was a Superfund site near the shopping center. They needed to find some options that would convince them and their client that they could safely close the deal.
The details of this Superfund site and the subject property at the time of the transaction (2003) were as follows.
Continue reading the GlobeSt blog here.