Phase I Environmental Site Assessments

PHASE I ENVIRONMENTAL SITE ASSESSMENT (PHASE I ESA):

Purpose: Identify environmental concerns that can put stops on transactions with commercial and industrial real estate.

The main concerns are:

  1. Hazardous chemicals in the soil to the degree that may results in an enforcement action by regulatory agencies requiring the removal of the contaminants from the soil
  2. Hazardous chemicals in the groundwater that may results in an enforcement action by regulatory agencies requiring the cleanup of the groundwater
  3. Hazardous chemicals carried by vapors in the soil under the property to the degree that may enter into the occupied spaces and render them inhabitable

Any one of these concerns may hinder financing of the transactions by institutional lenders.

The components of the Assessment:

  1. Review of Federal, State, and Tribal Environmental Records Sources within a radius distance of one mile from the property of interest.
  2. Historical research of the property and its surroundings through historical aerial photography, fire insurance mas, city street directories, topographic maps, and building permits.
  3. Interviews with knowledgeable sources.
  4. Physical inspection of the property and the surrounding premises.
  5. Formal report of the findings, with a summary of opinions and conclusions

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