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 Call Us: +44 (0)20 3865 7701
 Call Us: (787) 822-8377
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You are here: Home » Resources » Articles » Reducing the Risk in Selling Convenience Store Properties

September 27, 2024

Reducing the Risk in Selling Convenience Store Properties

By Ryan Reynics

A Phase I ESA Before a Sale Can Satisfy Both Lender’s & Buyer’s Requirements

By Ryan Reynics | Published September 27, 2024 on GlobeSt.com

In commercial real estate transactions, particularly for those convenience stores (C-stores) with gas stations, conducting the Phase I Environmental Site Assessment (ESA) is traditionally considered to be the buyer’s responsibility. The Phase I ESA is an integral tool during transactions, used to identify potential environmental liabilities associated with a property. However, sellers can also benefit significantly from conducting a Phase I ESA before listing their property for sale.

By initiating a Phase I ESA prior to the sale, sellers can address several critical aspects of the transaction, including expediting the transaction process and gaining an understanding of the environmental conditions that will allow the seller to be more proactive during negotiations. Additionally, the reports can be dual-purposed, helping to satisfy the lender’s due diligence requirements and/or facilitate the buyer’s insurance underwriting process, saving time and resources.

In this Globe St. article, Ryan Reynics discusses reducing the risk in selling convenience store properties.

About the Authors

Ryan Reynics

Ryan Reynics

National Client Manager
Ryan Reynics, commercial real estate environmental due diligence consultant, serves as a National Client Manager for Partner Engineering and Science, Inc. for the New Jersey region. He has over 10 years of experience performing and managing general environmental due diligence consulting (Phase I Environmental Site Assessments & Phase II Environmental Site Assessments). He has more than six years of experience working under various State regulatory programs performing site investigations, remedial investigations, and remedial actions under registered professionals (LSRP, LSP, LEP, PG, PE). Reynics has performed and managed hundreds of Phase I and Phase II Environmental Site Assessments on residential, commercial, and industrial facilities throughout the northeast and mid-Atlantic regions. He has significant experience managing and providing remedial oversight of a variety of property types regulated by the New Jersey Department of Environmental Protection (NJ DEP), New York State Department of Environmental Conservation (NYS DEC), and New York City Office of Environmental Remediation (NYC OER), Connecticut Department of Energy and Environment (CT DEEP), and Pennsylvania Department of Environmental Protection (PA DEP).

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