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May 16, 2013

Protecting Yourself From Acquisition Environmental Risk

By Partner ESI

EVEN WHEN A SITE IS CONTAMINATED, THERE ARE STEPS PURCHASERS CAN TAKE TO AVOID ENVIRONMENTAL LIABILITY

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.

About the Authors

Partner ESI

Partner ESI

Founded in 2007, Partner Engineering and Science Inc., is the leading provider of engineering, environmental, energy, and construction consulting for the commercial real estate (CRE) industry. Touching 1 in 5 CRE transactions in the U.S., Partner is widely recognized as the largest and best provider of third-party physical due diligence reports, including Phase I Environmental Site Assessments, Property Condition Assessments, Seismic Risk Assessments, Zoning Reports, ALTA Land Title Surveys, and Construction Risk Management. Partner’s connectedness to the CRE market gives it an unparalleled view into CRE trends and risk management insights. Partner also provides a full suite of consulting services to support the entire real estate lifecycle, including: Geotechnical Consulting; Building Systems Consulting; Capital Management and Project Implementation Support; Environmental Health & Safety Consulting; Energy, Sustainability & Resilience Consulting; and Site Civil Engineering. With a responsive approach scaled for speed and agility, Partner helps clients manage risk, make smart investments, optimize asset performance, and win at their real estate investment strategies. Based in Torrance, Calif., Partner has over 1,400 employees in 40 offices around the globe.

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